Bank of America’s Hartnett Sees ‘Pain and Exit’ If S&P 500 Dips Below 4,000
- Three-week outflows from stocks largest since pandemic started
- U.S. stocks are poised for worst annual return since 1974
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A drop below 4,000 index points for the S&P 500 will be a “tipping point,” which could potentially trigger a mass exodus from equities, according to Bank of America Corp. strategists.
Investors have already started fleeing stocks, with outflows from equity funds over the past three weeks adding up to the worst since March 2020, the strategists led by Michael Hartnett said, citing EPFR Global data.