Bulls Made Skeptics as S&P 500 Passes Wall Street Forecasts
- Five-week rally of 8 percent leaves index ahead of estimates
- Average forecast sees gauge lower at the end of the year
Deep Dive: S&P 500 Expectations, 10-Year Yield, Core PCE
This article is for subscribers only.
One of the safest assumptions on Wall Street is that however high stocks have climbed, professional forecasters will say they can go higher. That’s not the case now.
The S&P 500 Index dropped the most in four weeks on Tuesday and is now fluctuating around 2,157, the lowest level in three weeks. And, for a change, turning to equity strategists offers little comfort. As much as they have loved the bull market, a year of stagnating earnings, inflated valuations and confusion about the Federal Reserve has left prognosticators playing an unfamiliar role as bears.