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Stocks May Slide 5% by the End of Summer, Says Stifel

  • Bear market is less than two years away, Barry Bannister says
  • Equity strategist issues the latest warning from Wall Street

With all the headlines about peaking growth and a potential trade war, U.S. stocks haven’t given in. But don’t let your guard down, says Barry Bannister, chief equity strategist at Stifel Nicolaus.

The S&P 500 will slide to 2,635 in the third quarter as analysts slash earnings estimates on trade tension escalation, a stronger dollar and speculation of faster monetary tightening, Bannister wrote in a note to clients released late Tuesday. That’s the level that last served as support in early May and represents roughly a 5 percent decline from the last close.