Stocks (^DJI, ^IXIC, ^GSPC) are taking a beating Monday morning as tech sell-offs drag down the major market indexes and volatility (^VIX) spikes higher. Is July’s disappointing employment data mainly to blame?
Yardeni Research President Ed Yardeni joins The Morning Brief to discuss how the unwinding in equity markets, especially overseas like in Japan’s Nikkei 225 (^N225), is reminiscent of 1987’s Black Monday, but not entirely indicative of a recession.
“And I don’t think this, what we’re seeing here is attributable to an imminent recession or that we’re in a recession now. I think this too shall pass and I think the economy is going to prove to be surprisingly resilient,” Yardeni says, commenting on whether this may incentivize the Federal Reserve to push through an early interest rate cut or wait until September.
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