Wall Street Warns of a Stock Market Correction
Get caught up.
Some of Wall Street’s biggest firms are warning clients to prepare for a major market pullback as sky-high equity valuations slam into souring US economic data.
How big? Maybe 15%. Morgan Stanley, Deutsche Bank and Evercore all cautioned that the S&P 500 Index is due for a near-term drop thanks to the darkening economic picture. Driving concern is the expanding fallout from President Donald Trump’s trade war, including slowing consumer spending, diminished economic growth, rising unemployment and potentially reignited inflation.