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Bank of America: US stocks are feared to have another big fall. Labor market will be severely impacted next year.
$Dow Jones Industrial Average (.DJI.US)$ According to Investing.com on Monday (5th), Bank of America's chief investment strategist reaffirmed their put position in a research report released last Friday (2nd), and believes that US stocks may experience a significant decline from current levels.
They pointed out that although the 'inflation impact' has passed, the 'interest rate impact' is also coming to an end, but 'the impact of interest rates and economic downturn on Wall Street is just beginning'.
Bank of America advises clients to sell high on this rebound, as the market has run too far ahead. The report states, 'The unemployment situation in 2023 may be as shocking as inflation in 2022'.
'Bears (like us) are concerned that the unemployment situation in 2023 will impact the sentiment of main consumers like the inflation impact in 2022, especially consumers with a savings rate of only 2%.'
The strategist also pointed out that as of the week ending last Wednesday (November 30), outflows from passive stock investments hit the largest since June, while inflows into utility stocks hit the highest since January 2022. $Nasdaq (NDAQ.US)$ $S&P 500 Index (.SPX.US)$
They pointed out that although the 'inflation impact' has passed, the 'interest rate impact' is also coming to an end, but 'the impact of interest rates and economic downturn on Wall Street is just beginning'.
Bank of America advises clients to sell high on this rebound, as the market has run too far ahead. The report states, 'The unemployment situation in 2023 may be as shocking as inflation in 2022'.
'Bears (like us) are concerned that the unemployment situation in 2023 will impact the sentiment of main consumers like the inflation impact in 2022, especially consumers with a savings rate of only 2%.'
The strategist also pointed out that as of the week ending last Wednesday (November 30), outflows from passive stock investments hit the largest since June, while inflows into utility stocks hit the highest since January 2022. $Nasdaq (NDAQ.US)$ $S&P 500 Index (.SPX.US)$
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