When Macro Turns Darker Than Markets

A loud and growing chorus

It's important to remember: the macroeconomy and the stock market are not the same thing. Stocks can rally even as economic fundamentals weaken — but it's rare to see macro economists this negative across the board. From collapsing new orders to a sharp decline in earnings outlooks, CEO confidence, and CAPEX plans, the signals are flashing deep into recessionary territory. Even top houses like Goldman, JPMorgan, and BlackRock are striking an unusually cautious tone. This isn't just noise — it's a loud and growing chorus and being contrarian to this does not feel right. Here are some of the charts and comments that are, to say the least, very negative.