Stifel sees S&P 500 correcting 10% from here by Q3
, predicting a 10% drop to approximately 4,750 by the end of Q3 2024 amid persistently high inflation and the Federal Reserve's limited ability to ease monetary policy.
According to Stifel, this scenario suggests a potential transition from a Secular Bull Market to a Secular Bear Market, “which is a much more treacherous period for investors, particularly buy-and-hold,” they wrote. Strategists expect the S&P 500's price-to-earnings ratio is expected to decline by about two multiples, translating to a 500-point drop by the third quarter.
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