CEOs Gird for Recession Even After Tariff Reprieve Boosts Stocks

Donald Trump’s 90-day reprieve on some tariffs sent the stock market soaring Wednesday. But the chaos sown by the president’s trade war means corporate America is planning for a recession.

Corporate chiefs from Delta Air Lines Inc. to Walmart Inc. are warning of a wave of pessimism that’s swamping demand and making it difficult to predict what’s to come. Jamie Dimon, the JPMorgan Chase & Co. chief executive officer, said Wednesday that defaults will rise as the economy worsens. Automakers are offering fresh discounts or pledging to hold prices steady in a bid to lure consumers scared off by ...