The combination of recession and inflation is a bad mix for the stock market.
Today we've already had a hotter-than-expected inflation report and Bank of America calling for a recession. S&P 500 futures are down 59 points, or 1.5%, just ahead of the open.
At some point, I expect dip buying on a 'peak inflation' trade but whether that's today or after some Fed officials play down the possibility of a 100 bps hike, I'm not so sure.
Looking at S&P 500 futures, the big question will be whether the July lows hold.
