The strategist said that in the event of a recession, investors should wait for the S&P 500 Index to slump between 4,800 and 5,000 points “to go all-in on risk.” The low end of that range implies a drop of another 11% from Thursday’s close.
Wall Street forecasters are turning ice cold on US equities, telling investors to refrain from buying the selloff as President Donald Trump’s historic trade war raises the spectre of recession.
Bank of America Corp.’s Michael Hartnett became the latest to recommend investors “short” risk assets until the Trump administration pivots away from tariffs and toward tax cuts, higher energy supply, deregulation and an aggressive increase in the debt ceiling.
