US stocks could fall face a dip of 5% or more before the end of this year, a veteran Wall Street analyst has said, after consumer confidence hit its lowest level since November.
US stocks could fall face a dip of 5% or more before the end of this year, a veteran Wall Street analyst has said, after consumer confidence hit its lowest level since November.
Sam Stovall, CFRA Research’s chief investment strategist, said a tech-driven recent rally of share prices could come to an end after data for June showed that Americans were feeling gloomy about the economy.
He warned that tech was “the only outperforming sector” as AI chipmaker Nvidia surged earlier this week to become the world’s most valuable company ahead of Apple and Microsoft, worth more than $3.3 trillion.
“How long can this jumbo jet fly on only one engine?,” Stovall said in an interview with Yahoo.
“I am getting increasingly concerned that we have to endure another decline of 5 percent or more before the year is out.
