Bank of America says that 'ongoing trade uncertainty' and 'signs of macro deterioration' will keep the S&P at its current level for the rest of the year.
Bank of America Merrill Lynch says the S&P isn't heading higher into the end of the year."Ongoing trade uncertainty and signs of macro deterioration...leave us neutral on the S&P 500 for 2019," chief strategist Savita Subramanian wrote in a note to clients"Supportive central banks, bearish sentiment and attractive yield opportunities are supportive of stocks. But ongoing trade uncertainty and signs of macro deterioration...
Subramanian said that the firm's 2019 year-end target on the S&P 500 remains 2,900, which is about 1.4% lower than where the index closed on Tuesday. Stocks fell on Tuesday after manufacturing data came in at its lowest level in a decade, and Wednesday's pre-market action pointed to an acceleration of losses at the open.
"Dovish central banks and tepid equity positioning are supportive, but trade tensions/global growth concerns/geopolitical risks plus signs of margin compression and further downward risk to estimates are likely to limit upside going forward," Subramanian wrote. Yet the strategist noted that the Street is "worried" and that stocks' steady climb over the last 10 years continues "to be one of the most hated bull markets on record."
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