The few analysts still warning about US market downturn say investors have embraced ‘fanatical thinking’
A dwindling number of bearish Wall Street strategists are struggling to convince “fanatical” clients that slowing economic growth and excessive hype about artificial intelligence have left the US stock market vulnerable to a sharp downturn.
Today, “the economy is definitely slowing, the labour market is certainly weakening, but we don’t see anything that screams recession here and now”. Bears have a long history of finding it difficult to hold on to their contrarian views. While staying bearish could cost them their job during lengthy bull runs, capitulating and turning bullish can make them look foolish if the downturn they had been predicting materialises soon afterwards.
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