The U.S. stock market is poised to tumble even lower in coming weeks as investors confront inflation that is still near a multi-decade high and rising interest rates.
"History no guide to future but history says bear market ends Oct 19th 2022 with S&P 500 at 3020 ," he wrote.
The analyst note comes just a few days after the Labor Department reported the consumer price index for August came in hotter than expected. Prices rose 0.1% on a monthly basis and 8.3% year over year, dashing analyst hopes for a decline in monthly decline.Federal ReserveJerome Powell, chairman of the U.S. Federal Reserve, speaks during a news conference following a Federal Open Market Committee meeting in Washington, D.C., on May 4, 2022.
Investors are already bracing for the Fed's policy-setting meeting next week, which is slated to take place Sept. 20-21. Traders are betting on officials approving another super-sized, 75-basis-point rate hike – the third of its kind this year – at the conclusion of the meeting, although some on Wall Street think that central bankers could go even bigger with a full point increase.
Hartnett said that markets have already priced in the rate increases, regardless of whether the Fed goes with a 75- or 100-basis-point hike.
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