Mega-cap tech dominance in the S&P 500 is obscuring investor bets that the US may already be in a recession
But for the S&P 500, a"deeper look reveals stocks reflect worsening growth," Jean Boivin, head of BlackRock Investment Institute, said in a note published this week.
BlackRock's reference to growth stems from its view that the effect of rate hikes by global central banks to tame inflation is starting to kick in. Recent data from Germany, Europe's largest economy, indicates that the country has entered a recession despite experiencing an energy shock that was less severe than widely anticipated.
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