Goldman Sachs and J.P. Morgan raise odds of recession
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TD Securities analysts said in a report that the "blunter than expected" tariffs last week raised the chances of a recession to 50%.
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President Trump then told media aboard Air Force One: “I don't want anything to go down, but sometimes you have to take medicine to fix something.”
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The U.S. stock market has gone taken a nosedive since President Donald Trump announced tariffs for many countries around the world. Here's what to know.
Both Deutsche Bank and Bank of America warned the new tariffs could subtract between 1 and 1.5 percentage points from U.S. GDP this year.
The Goldman Sachs Group (NYSE:GS – Free Report) had its target price cut by JPMorgan Chase & Co. from $625.00 to $614.00 in a research report sent to investors on Thursday morning,Benzinga reports.
JPMorgan Chase & Co.'s stock was down 6.7% and Goldman Sachs Group Inc.'s stock fell 8.3% as the megabanks weighed on the 30-stock Dow Jones Industrial Average on Friday. The banks were among the worst performers in the DJIA,
Shares of JPMorgan Chase & Co., which traded ex-dividend on Friday, erased some $51 billion from its market capitalization. Regional lenders also took a hit with the KBW Regional Banking Index slumping 3.7%, to close at the lowest level since July 9.
The Goldman Sachs Group (NYSE:GS – Get Free Report) had its target price upped by investment analysts at JPMorgan Chase & Co. from $605.00 to $625.00 in a research note issued on Tuesday,Benzinga reports.