Inflation and politics appear to be driving the disconnect between Americans' view on the broader economy and reality.
The S&P 500 could see double-digit losses on par with the dot-com crash and the Great Financial Crisis, Bill Smead has previously warned.
Lower-income Americans are can't keep up with the rising cost of living and have blown through their savings, a JPMorgan analyst said.
DoubleLine's Jeffrey Gundlach said a recession looks likely as the economy shows cracks, and steep interest rates could eat up companies' cash.
JPMorgan CEO Jamie Dimon flagged threats including sticky inflation, government overspending, foreign conflicts, and dwindling savings.
A top economist, Nancy Lazar, expects stricter bank lending and steeper interest rates to crush growth by hammering consumers, businesses, and stocks.
Big names including the "Big Short" investor Michael Burry and David Tepper's Appaloosa Management have been piling into the Chinese stock markets.
Economic data looks fuzzy, valuations are sky-high, and the market lacks an obvious catalyst to keep pushing higher.
"Recession anyone?" Albert Edwards wrote in a recent client note.
"Inflation may not go away the way people expect it to," the JPMorgan CEO said, adding: "There are a lot of inflationary forces in front of us."
American consumers - the backbone of the resilient US economy in recent years - appear to be winding down their wild spending spree.
The next recession has likely been postponed by the trillions of dollars of stimulus spent during the pandemic, one Wall Street vet says.
Warren Buffett keeps building Berkshire Hathaway's cash pile because bargains are scarce and he seems worried about the world, Steve Hanke said.
Buffett sold $17 billion of stocks and amassed a record $189 billion cash pile last quarter because he knows the fun won't last, Paul Dietrich said.
"Many of the places that have not regained the jobs lost were hit particularly hard by the pandemic, leaving a deeper hole to dig out of."
High interest rates are "corrosive" to the economy, and the Fed risks breaking something in the financial system, Mark Zandi said.
Financial planner Hanna Horvath says bulking up your emergency fund and taking courses to advance your career are smart moves.
A stock market crash as steep as 65% wouldn't be surprising, legendary investor John Hussman said previously
A recession in late 2024 or early 2025 could send the S&P 500 tumbling to around 3,600, BCA's Roukaya Ibrahim said.
A recession could be on the doorstep of the US economy. But Michael Kantrowitz says stocks should rise in the near-term even if that's the case.