The St. Louis-based investment bank sees the benchmark stock index falling to around 4,750.
Investors should position themselves defensively as the S & P 500 could drop by about 10% before the end of September, according to Stifel Financial. Chief equity strategist Barry Bannister said the broad market index may fall to approximately 4,750 before the end of the third quarter. That would mark a more than 10% decline from where the S & P 500 finished Monday's trading session.
Bannister said sticky inflation should continue as a concern in the second half of the year, forcing the Federal Reserve to delay cutting interest rate cuts in 2024. That can, in turn, push the S & P 500 price-to-earnings multiple down by about two pointsm, weighing on the stock market.
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