Wells Fargo’s Harvey Warns S&P 500 Is Set for a 10% Correction
- He sees stock gauge down to 3,700 in next three to six months
- The near-term Fed pause is rally already reflected: Harvey
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The resilience of US equities this year will be short-lived, with a worsening economic picture likely sending the market down in the coming months, according to Chris Harvey at Wells Fargo & Co.
The bank’s head of equity strategy expects the S&P 500 to suffer a 10% correction in the next three to six months. That would take the American stock benchmark to around 3,700, which is near the November lows. Wells Fargo maintained its year-end price target of 4,200 — or about 2% above Monday’s close.