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60-Year Wall Street Veteran Says S&P 500 Will Sink to 3,100

  • George Ball calls the decline a ‘normal cyclical adjustment’
  • Ball cites hawkish Fed, earnings pullback for the downturn
A pedestrian passes a Wall Street subway station near the New York Stock Exchange (NYSE) in New York.

A pedestrian passes a Wall Street subway station near the New York Stock Exchange (NYSE) in New York.

Photographer: Michael Nagle/Bloomberg
Updated on

Not many industry experts would shrug off a 35% drop for the S&P 500, but six-decade Wall Street veteran George Ball says a fall of that magnitude would be a normal adjustment.

Ball, chairman of Houston-based investment firm Sanders Morris Harris, predicts the S&P 500 will bottom at 3,100 from its all-time high of 4,796 in January. While he said the plummet will be uncomfortable, he doesn’t consider the outlook to be too grim, in part because of the huge gains the market racked up after the pandemic low.