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Are the bears right about the outlook for the S&P 500?

In late May, JP Morgan’s Marko Kolanovic defended his stubborn, negative stance on the U.S. stocks, asserting that the S&P 500 was substantially overvalued, and predicted that the big cap index would end the year at 4200, down 24% from its level at the time. By then, Kolanovic was the last bearish market strategist at a major Wall Street bank; all the others, even the previously dour ones, were predicting more gains by year end on the view that the fabulous resurgence that started in early 2023 ...

Read more at fortune.com

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