. Over the past 10 days the benchmark S&P 500 is down about 3%, while the Nasdaq is down more than 6%.Truist co-chief investment officer Keith Lerner noted that in years when the S&P 500 has risen more than 10% in the first half of the year, the second half usually sees an average pullback of about 9%."This choppier market action of late, which we have been anticipating, likely has further to go in terms of price and time," Lerner wrote in a note to clients on Thursday.
. Lerner noted that the earnings weren't bad but failed to impress investors, who had a high bar entering this reporting season.in the tech sector. Lerner reasoned that, after the market reset over the past few trading sessions, there's a chance technology's latest swath of earnings can surpass investors' now-trimmed expectations."I think the secular story of this bull market is still intact," Lerner said. "Money will come back there.
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