The market's blistering sell-off over the past month is so unhealthy that traders have already just about priced U.S. shares as if the economic system is headed for a recession, primarily based on a historical past of previous declines round financial downturns by RBC.

The median and common recession-related market declines see the S&P 500 plunge 24% and 32%, peak to trough, respectively, RBC analysis exhibits. And with the broad index already down about 28% from its report shut in February, it appears like traders suppose the U.S. is headed for a major downturn in financial output.

The blue-chip, 30-stock Dow Jones Industrial Common is greater than 29% off its personal report shut.

"At Thursday's low of two,481, the S&P 500 was down 27% from peak, telling us that shares have began to bake in recession," wrote Lori Calvasina, head of U.S. fairness technique at RBC. "A 32%...