{"id":20612,"date":"2023-06-09T16:48:17","date_gmt":"2023-06-09T20:48:17","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/bear-market-is-over-bofa-declares-but-these-are-the-warning-signs-others-are-watching\/"},"modified":"2023-06-09T16:48:18","modified_gmt":"2023-06-09T20:48:18","slug":"bear-market-is-over-bofa-declares-but-these-are-the-warning-signs-others-are-watching","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=20612","title":{"rendered":"Bear Market Is Over\u2014BofA Declares\u2014But These Are The Warning Signs Others Are Watching"},"content":{"rendered":"<div>\n<h2 class=\"topline-heading\">Topline<\/h2>\n<p>The S&amp;P 500 rose to its highest level in more than a year Friday, sending stocks into a technical bull market but leading to a split among experts about whether the rally will keep on chugging or falter as it grapples with concerns that prices are running too hot.<\/p>\n<h2>Key Facts<\/h2>\n<div class=\"key-facts\">\n<div class=\"key-facts-element\">\n<p>The S&amp;P inched up 0.1% to just shy of 4,300 Friday, set to close at its highest price since last April; the index is now up 23% since it bottomed out at 3,491 in October, when the S&amp;P crashed nearly 30% in a span of 10 months.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>\u201cThe bear market is officially over,\u201d Bank of America\u2019s top strategist Savita Subramanian declared in a Friday message to clients.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>Subramanian noted the S&amp;P has returned 19% on average in the 12 months immediately following a 20% rally from a bottom; this would send the S&amp;P to an all-time high of about 5,100.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>Despite the strong history, some on Wall Street are not convinced further gains are on the horizon, such as UBS\u2019 chief U.S. strategist David Lefkowitz, who cautioned Friday about what the S&amp;P\u2019s dismal breadth may mean moving forward.<\/p>\n<p><fbs-ad position=\"inread\" progressive=\"\" ad-id=\"article-0-inread\" aria-hidden=\"true\" role=\"presentation\"><\/fbs-ad>\n <\/div>\n<div class=\"key-facts-element\">\n<p>Just 25% of stocks listed on the S&amp;P have outperformed the index year-to-date, the lowest proportion since at least 1985, according to UBS, adding the S&amp;P\u2019s 2023 return is less than 2% excluding surging tech titans Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla.<\/p>\n<\/p><\/div>\n<\/div>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Chief Critic<\/h2>\n<p>Bob Michele, head of JPMorgan Chase\u2019s global fixed income unit, offered a chilling warning for bulls Friday, telling CNBC the current equity rally reminds him an \u201cawful lot of that March-to-June period in 2008.\u201d Michele is referencing the S&amp;P\u2019s 10% rally ahead of its 40% crash in the ensuing four months and the similarity the events leading up to stocks\u2019 short-lived 2008 rally have to 2023, when the rally came despite the occurrence of three of the four biggest bank failures in U.S. history.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Key Background<\/h2>\n<p>The S&amp;P has far outperformed the Dow Jones Industrial Average (up 2%) and Russell 2000 (up 7%) this year, though the tech-heavy Nasdaq\u2019s 28% return year-to-date is far superior thanks to mega-cap tech\u2019s runaway gains. The stock rally comes despite the Federal Reserve hiking interest rates to near two-decade highs and a stagnation in gross domestic product and corporate profits.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Crucial Quote<\/h2>\n<p>\u201cBroader participation will be required for a sustainable breakout,\u201d LPL technical strategist Adam Turnquist wrote Friday, adding he believes there should be \u201ca better entry point into this new bull market.\u201d Turnquist also noted this was the second-longest technical bear market over the last 75 years.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\"><\/h2>\n<p>Morgan Stanley Says S&amp;P 500 Will Slide 9% By Year&#8217;s End\u2014But These Stocks Could Weather The Storm (<em>Forbes<\/em>)<\/p>\n<p>This Stock Market Indicator Is The Weakest It\u2019s Ever Been\u2014And Other Warning Signs Are Flaring (<em>Forbes<\/em>)<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.forbes.com\/sites\/dereksaul\/2023\/06\/09\/bear-market-is-over-bofa-declares-but-these-are-the-warning-signs-others-are-watching\/\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Topline The S&amp;P 500 rose to its highest level in more than a year Friday, sending stocks into a technical bull market but leading to a split among experts about whether the rally will keep on chugging or falter as it grapples with concerns that prices are running too hot. Key Facts The S&amp;P inched [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":20613,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-20612","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bear Market Is Over\u2014BofA Declares\u2014But These Are The Warning Signs Others Are Watching | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Topline The S&amp;P 500 rose to its highest level in more than a year Friday, sending stocks into a technical bull market but leading to a split among\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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