nouriel roubini thinks so. he said today that he thinks stocks could fall from 40% more from here and the u.s. economy may enter a long, painful downturn let's talk about it and opportunity, by the way, amid the uncertainty. and ask mark smith, senior vp and portfolio manager at wlg wells fargo advisers do you see a prolonged recession and a 40% haircut to stocks from here like nouriel roubini does >> i don't see it going that bad, because all of my clients are talking about, where's the value right now in the market? where are we seeing opportunity? as long as you have investors looking long-term, i don't think that's going to happen but i do feel that -- i remember hearing something two years ago, we were in the middle of a pandemic, don't fight the fed, don't fight the fed. if you were going to say that then, you better say that now. and the fed is going to continue to raise rates, month over month inflation is up, just a number, right? last month, it was -- it went up 0.1% if that's the case, the fed has to

nouriel roubini sees along period of recession. plus, nationalization of uniper.ean stocks on a headline basis in the green this morning. tom: some upside across the benchmark. energy is a big part of the mix. you see brent higher as a result of that. the ftse 100 is getting up, but within the context of the fact that moscow has ignition can we upped the ante when it comes to the war -- significantly upped the ante when it comes to the war with ukraine. the commentary from jay powell will be arguably more significant today. across the benchmark, the dax downton -- down 0.6%. we have a move from officials in berlin to nationalize uniper. uniper is dropping on the back of that. the ftse 100 is up 19 points. energy is one of the leading sectors this morning, gaining 1.85%. the ftse 100 getting more than 0.1% and it is a safety haven shift. everything else in the red led by travel and leisure, down 2%. that is a check across your sectors 30 minutes into the session this wednesday. it is the world's largest trading relationship. sweden, the european union, and china no

is barry bannister, chief market strategist at stifel you have to calm our nerves a little bit nouriel roubini says maybe a 40% headline is coming you don't think we're going to get a big plush, do you? >> no, no. when you think about what happened, and if you inflation adjust the s&p 500 index, which is what you have to do to look at any long period, if we had a 23.7% decline in the first half, bounced up through august and got jackson hole we're now back in real terms, inflation adjusted, to that june low. 36.66, if you inflation adjust so the request is, do we break down to new lows and for that to happen, the fed doesn't have to just stay where it is, it actually has to get more hawkish in the november 2nd and december 14th meetings i just don't see that. i expect good inflation data, good prints to come in lower and i think that the jobs market is going to school off jolts rates that powell has talked about have already topped again, you have to incrementally turn the screw and get more tight. otherwise, what has been done is priced in. and i think the fed has done enough to bring down in