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Reproduced from FactSet and Alger; Note: Material slowing of GDP is defined as 50 bps or more of a negative change in the annual real GDP growth rate; Chart: Axios Visuals

Economists have been wearing out their keyboards over the past couple of months writing down expectations for U.S. and global economic growth.

Reality check: Alger chief investment officer Daniel Chung and director of strategy Brad Neuman point out that slower growth does not necessarily mean weak equity returns.

Chung and Neuman note:

  • "In the past 35 years, there have been 15 years when U.S. GDP growth materially slowed, with the vast majority generating positive U.S. stock returns."
  • "Returns were negative only when accompanied by a recession (1990, 2000/2001, 2008)"

Reading the graph: Of the 15 times in the last 35 years that year-over-year GDP growth has fallen by at least 50 basis points, or 0.5%, the S&P has still risen in 11 of the 15 years. The gains have been as high as 38% in 1995 and 32% in 2013.

Go deeper: Why you should stop worrying about a recession

Go deeper

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Driving the news: President Trump wants Sudan's removal from the U.S. state sponsors of terrorism list to be accompanied by a pre-election announcement on Israel.

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91% of likely voters nationally say they are "extremely motivated to vote," including 92% in battleground states Arizona, Florida, Michigan, North Carolina, Pennsylvania and Wisconsin, according to a Change Research/CNBC Poll.

Why it matters: The 2020 election could see record-breaking levels of voter turnout. Voters last week cast ballots at nearly five times the rate they did at this point in the 2016 election, per the U.S. Elections Project. Over 39 million ballots have been cast in early voting states as of Wednesday.

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