April was the worst month since March of 2020 for the S&P 500 and Dow, for the tech-heavy Nasdaq it was the worst since October 2008.
In a recent research note titled "Recalibrating our views" Bank of America’s Savita Subramanian, Equity & Quant Strategist described what’s changed so far this year. "War, GDP cuts, Fed on steroids…" she detailed.
As a result, she trimmed her year-end target for the S&P 500 to 4,500 which still implies a yearly advance of 8.9% from Friday’s closing price. With the major averages down sharply this year, especially the Nasdaq, LPL Financial chief market strategist Ryan Detrick, is taking a contrarian view.
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