Wells Fargo’s investment arm cuts outlook for stocks, now sees longer U.S. recession ahead

Investors should brace for the start of a U.S. recession in the second half of 2022 and for the stock market to record a roughly 20% retreat for the full year, according to a revised outlook from the Wells Fargo Institute released Thursday.

Strategists at the banking giant’s investment management unit now expect a roughly year-long U.S. recession to take hold relatively soon, with it lasting through mid-2023.

They…