Top 5 macro and market risks for 2026 – Apollo (SPY:NYSEARCA)

Dec. 04, 2025 8:32 AM ETSPDR® S&P 500® ETF (SPY)AAPL, LQD, SHY, TLT, GOOG, AMZN, MSFT, NVDA, JNK, TBT, TSLA, TIPS, META, GOOGL, US10YBy: Kim Khan, SA News Editor

fadfebrian/iStock via Getty Images

Apollo Global Management Chief Economist Torsten Slok is out with five downside scenarios to watch out for next year.

“1. The U.S. economy starts re-accelerating because of the fading trade war shock and the One Big Beautiful Bill, and inflation begins to move