Why the Apollo economist who coined ‘no landing’ now sees intensifying risks to the U.S. economy

The new week looks like starting on the front foot for stocks. But the putative rebound is a fraction of Friday’s tumble, when the the S&P 500

SPX shed 1.7%.

While concerns about high valuations linger, it was anxiety over the direction of the U.S. economy that seemed to mostly fuel the latest swoon. The yield on the 10-year Treasury BX:TMUBMUSD10Y dropped 8 basis points in the previous session after a services sector survey pointed to contraction and a gauge of consumer sentiment dipped.