The global recession is just around the corner.

The New York Stock Exchange recorded a significant level of fluctuation today, digesting mixed signals. As such, today’s market had to digest several catalysts, which caused the market to fluctuate.

First in the spotlight was tech stocks, with TSMC, the world’s biggest chipmaker, reporting better-than-expected August results, suggesting a possible upward revision of its current quarterly and full-year guidance.

This has literally led to a recovery for the semiconductor sector and led the recovery of semiconductor companies such as Broadcom.

Apple, on the other hand, saw its stock prices barely move despite the iPhone 16 and Apple Intelligence announcement yesterday. Wall Street appears to be adjusting its expectations for the iPhone supercycle on a slightly lacking AI initiative.

However, the biggest move was made by bank stocks. JPMorgan, the largest U.S. bank, said expectations for its earnings outlook were set too high, resulting in a 7% plunge during the day. Goldman Sachs also fell sharply as it said its earnings outlook should be lowered.

Concerns about the U.S. economy were also raised as the two leading U.S. banks each raised sluggish forecasts. This is because sluggish financial stocks eventually mean a slowdown in loan demand and investment fees, and eventually the weakness of the U.S. economy.

In fact, the NFIB small business optimism index released today was literally disastrous, as small businesses’ profits collapsed to their worst since the 2010 financial crisis, with S&P 500 corporate profits forecasting double-digit growth this year and next.

It’s actually not a day or two for small businesses to struggle. It’s already been below average for 32 consecutive months, explaining the slump in small cap stocks.

Today’s market also seems to be not very positive in terms of market health, given that technology stocks and semiconductors were strong amid the overall market slump.

The market, in particular, appears to be emanating strong concerns about the global economy, with international oil prices plunging to 16-month lows and raw materials indexes poking through all of their lows this year to their lowest since August 2021.