Stocks plummet with S&P 500 on the brink as US recession fears explode

Dariusz Karpowicz from Albion Financial Advice said Bitcoin dropping like a stone proves it's not the safe haven some claim, but investors shouldn't panic.

He added: "Markets correcting after months of euphoria shouldn't shock anyone, yet here we are with recession fears everywhere.

"The truth is simpler. US growth sits at 3.8%, hardly recession territory. Yes, companies are cutting jobs, but mostly through automation, not collapsing demand."

Mr Karpowicz said this week's tech earnings will matter more than the Fed's warnings. Fed official Christopher Waller has warned of a potential US recession after redundancies at major companies and a slump in consumer confidence.

Mr Karpowicz added: "Valuations got silly, particularly in AI stocks promising riches without profits. Now reality bites. Global recession? Not from this correction alone. Watch what companies report, not daily price swings. Your portfolio needs patience, not panic."