MikeLigalig.com

By Max Adams
Good morning. We hate to be the bearer of bad news, but the S&P 500 on Wednesday suffered its biggest one-day loss since June 2020, and a $2.2 billion hedge fund sees a "really bad" recession coming.

Let's dive into what happened.

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1. The S&P 500 on Wednesday suffered its biggest one-day loss since June 2020. Many investors are licking their wounds this morning, after the S&P 500 lost 4% and the Nasdaq 100 fell 5.1% yesterday.

The plummet comes amid fears over the prospect of the world economy experiencing stagflation — a toxic combination of high inflation and slowing growth.

Strategists at IG said: "The brief bounce in risk assets in the first half of the week looks to have now turned entirely, as inflation and growth fears reassert themselves."

Caxton FX analyst Michael Brown also had a gloomy forecast, saying: "The technical picture is as grim as the fundamental one for equities, with the S&P future again failing to remain above 4,050, and having broken sub-4,000 once more."

Here's the latest on yesterday's market plunge, and what the markets are doing now.

In other news:

2. There's been a lot of talk of a housing bubble recently. Insider asked 32 experts their opinion on where home prices are headed in the coming months. Read why most said the market isn't in a bubble.

3. These stocks have mostly priced in recession risk and are poised to outperform. Bank of America flagged a handful of small and mid-cap names that are well-positioned if stocks rebound. Here are the firm's top 20 picks.

4. A $2.2 billion hedge fund sees a "really bad" recession coming. Mark Yusko of Morgan Creek Capital says the great unwind of risk assets is upon us — but these four cryptocurrencies and five Chinese stocks are still worth a look.

5. Consumer sentiment and retail sales are moving in opposite directions. Americans say they hate the economy, but are spending big. Take a look at retail sales in April versus the latest sentiment readings.

This is a condensed version of Insider’s 10 Things Before the Opening Bell newsletter. To see items 6-10, sign up here to receive the full newsletter in your inbox.

Plus, Insider has a wide array of industry-specific newsletters — see them all here.

And keep up with the latest markets news throughout your day by checking out The Refresh from Insider, a dynamic audio news brief from the Insider newsroom. Listen here.

This newsletter was curated by Max Adams. Thoughts or questions? Sound off in the comments section below.

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