Big stock market rally to be followed by 'big collapse,' says BofA's Hartnett

A would-be bull market driven by a surge in artificial-intelligence stock market plays still feels like it has much in common with the run-up to recent collapses, argued Bank of America strategist Michael Hartnett in a Friday note.

Hartnett said he sees maximum upside for the S&P 500 of 100 to 150 points versus 300 points downside between now and Labor Day in September. The Dow Jones Industrial Average DJIA ended Thursday at its highest since December, while the tech-heavy Nasdaq Composite COMP saw its highest finish since April 7, 2022.

And third, the “unanticipated event” that shook markets in the first half wasn’t the collapse of SVB but the emergence of AI, he wrote.

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