'Hard to see' how stocks will be 'resilient' -money manager

STORY: "While we are not seeing a recession yet as the most likely outcome," Erickson says that, "when we look at our indicators across the board here in the U.S. as well as globally, it is very clear that we continue to see signs of declining economic activity. And that's true whether you're looking at big-picture macroeconomic indicators or in in terms of individual company results. And while we've had, again, some better-than-expected results from this first-quarter earnings season, if you just look at the overall trend, what we see is that earnings and sales are really down over the last several quarters. And so on the back of that, it's hard to see how the stock market really could be resilient."