The U.S. GDP contracted by 0.9% in the second quarter, marking the second consecutive quarter of negative economic growth. Moreover, a slowdown in global business activity and high jobless claims are fueling current recessionary concerns.
However, better-than-expected second-quarter corporate profits and the Fed’s indication of pausing its rate hike depending on economic conditions helped the market rebound over the past couple of days. The market is expected to remain volatile in the near term based on the economic uncertainties.
