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Stock sell-off intensifies as new 10% drop approaches

Byadmin

May 23, 2022 , ,
Распродажа акций усиливается примере того, как приближается новое падение на 10%

The S&P 500 index will fall even more

According to respondents in the latest MLIV Pulse survey, the S&P 500 flirted with bear market territory last week, losing more than $1 trillion.

The 1,009 respondents predict that the figure will continue to plummet this year until it reaches a low of about 3500 points, which is at least 10% lower than Friday’s finish of 3901 and a painful 27% lower than the January peak.

Stock valuations continue to fall

As market values continue to collapse, Fed hawkishness, supply chain turmoil, and mounting business cycle concerns are weakening confidence in Corporate America’s profit machine.

“I believe the worst is yet to come,” said Savita Subramanian, Bank of America’s head of equity and quantitative strategy.

Respondents became more negative in the second half of the May 17-20 poll period when retail stocks began to tumble last week. On average, MLIV research, risk management, and sales professionals were more pessimistic than their portfolio management and sell-side trading peers.

“The tone is really negative,” said Invesco Ltd.’s top global market strategist.

The prospects of future asset-to-asset instability are extremely significant as central banks seek to tighten financial conditions in order to cushion excesses.

Meanwhile, well-known Wall Street gurus predict that the S&P 500 will close at 4,800, indicating that the market will bounce later this year.

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