BTIG warns stocks will plunge 15-20% from current levels, as US protests add to the market's 'menu of uncertainties'BTIG's chief strategist Julian Emanuel warned investors to prepare for a 15-20% pullback in stocks, saying that widespread protests in the US have added to"menu of uncertainties" in the market.
Emanuel said on CNBC Monday that small cap indexes are particularly sensitive to a correction and it is"time for the market to reassess the uncertainty to the economy." "The environment is more volatile now, so what we are saying is envision yourself as an investor with a portfolio down 15-20%." Widespread protests have broken out in the US in the past week after the death of George Floyd in police custody. Floyd, who was black, died after a white officer knelt on his neck for eight minutes.Wall Street brokerage BTIG is warning investors to brace for a slump of 15 to 20% in stocks going forward, adding that mass US protests in recent days has added to the"menu of uncertainties" facing markets in 2020.
He added:"When you look at the rally of the lows in March off the small cap indexes, we think it is the time for the market to reassess the uncertainty to the economy and the social unrest in the last two days adds to that menu of uncertainties."
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