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Some associated the pullback in the industrial sector to concerns that global economic growth has peaked. Consequently, more investors could be pricing in weakness or even a recession ahead.

“Most investors are working with the base case scenario of a recession sometime in either 2019 or 2020,” Rizk Maidi, an analyst at equity research firm Berenberg, told Reuters. “People are just hunting for any data point to confirm that the earnings have peaked.”

For more information on the industrials sector, visit our industrials category.