The S&P 500 Has Officially Erased $4 Trillion in Market Value Since Its July 27th High

In 3 months, the S&P 500 has dropped 430 points and stands less than 1% away from correction territory.

The exact top in the S&P 500 came on the same day that Fed removed a recession from their forecast.

As markets fall to their lowest levels since May 2023, we are in a much different environment.

Last time the S&P 500 was at current levels, 3 rate CUTS were priced-in for 2023.

Now, rates are higher and futures are no longer showing rate cuts until July 2024.

Are stocks pricing-in a recession?