Citi cuts recommendation for U.S. stocks as recession fears hit, lifts view on China

News Snapshot:

Citi analysts cut their recommendation for U.S. stocks to “neutral” from “overweight” on Monday after recession fears pummeled the market, arguing that the U.S. economy may no longer outpace the rest of the world in the coming months. At the same time, they upgraded their view on China to “overweight” from “neutral.” The report was issued after the close of trade on Monday when the Nasdaq lost 4%, its steepest one-day tumble since 2022. The benchmark S&P 500 fell 2.7%, its biggest daily drop of the year. Dirk Willer, Citi’s global head of macro, asset allocation and emerging market strategy,...