Bold Market Calls Abound as Minerd Says S&P 500 Could Drop 40%
- Guggenheim CIO’s view comes after JPMorgan said worst is over
- Noted bear says he expects 10% economic contraction amid virus
Photographer: Griselda San Martin/Bloomberg
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The dispersion of Wall Street views on the outlook for stocks has been widening for a while, and Scott Minerd may have taken things up another notch.
The chief investment officer at Guggenheim suggested over the weekend that the S&P 500 might fall to 1,500 as the coronavirus spreads and its impact is felt in the world’s largest economy. That’s a whopping 40% slide from current levels, and a call that looks eye-catching even for a noted bear.