The S&P has lost nearly 9% in just three days. That’s its worst such stretch since the earliest days of the coronavirus crash in March 2020. The Dow lost 876.05, or 2.8%, to 30,516.74 on Monday, and the Nasdaq composite dropped 530.80, or 4.7% to 10,809.23. The coronavirus crash in early 2020 was Wall Street’s last bear market, and it was an unusually short one that lasted only about a month. The S&P 500 got close to a bear market last month, but it didn’t finish a day below the 20% threshold. Michael Wilson, a strategist at Morgan Stanley who’s been among Wall Street’s more pessimistic voices, is sticking with his view that the S&P 500 could fall further to 3,400 even if the U.S. economy avoids a recession over the next year. That would mark another roughly 9% drop from the current level, and Wilson said it reflects his view that Wall Street’s earnings forecasts are still too optimistic, among other things. With soaring price tags souring sentiment for shoppers, even higher-income ones, Wilson said in a report that “the next shoe to drop is a discounting cycle” as companies try to clear out built-up inventories. Such moves would cut into their profitability, and a stock’s price moves up and down largely on two things: how much cash a company generates and how much an investor will pay for it. Via https://duchonsigns.wordpress.com/2022/07/01/cryptocurrency-news-coronovirus-crash/
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