With recession looming Wells Fargo sees a small bank in Puerto Rico and two other ‘places to hide’ from stock market fall-out

A beach in Puerto Rico adjacent to a tall white hotel, palm trees and people sun bathing

As the S&P 500 and other stock indexes crashed over the weekend, Wells Fargo published a report about where investors might be able to find some relief. Titled, “No Dessert for Bank Investors,” the report is authored by the bank's head of equity research team, Mike Mayo, and lists three "places to hide" from the stock market collapse.

For context, the S&P 500 tracking the largest companies in the U.S. was on a slow decline since July 16, then fell off a cliff Friday, dropping 3.6% to a low of $5,151, triggering the Sahm Rule used to predict a high chance of recession. Though the S&P and other stocks have shows signs of recovering today concerns about a possible recession continue. Goldman Sachs today raised recession odds to 25% from 10%.