$12 billion money manager tells investors to be 'very cautious' amid bond market warning signs

div > div.group > p:first-child"> In fact, they may be notably worse than the major averages — all of which are already up 12 percent or more for 2019 — might suggest, says David Spika, president of GuideStone Capital Management.

In February, S&P Capital IQ estimated that first-quarter earnings could decline by a quarter of a percent and said full-year earnings growth expectations could be cut down to as little as 1.5% by the end of the first quarter. In addition to the lack of bullish catalysts, what's making Spika especially cautious is the action in the bond market.

"When those two are telling completely different stories, I'm going to tend to lean toward the bond market, especially this late in the economic cycle with this many headwinds," he said."I don't think that what we're seeing in the stock market is really indicative of what we should expect later on in the year. I think the bond market's probably telling a more realistic story.

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