Citi strategist says stocks may be due for pullback because of too-high earnings expectations

Stocks could be due for a pullback this summer given high second-quarter earnings growth expectations, according to Citi. Scott Chronert, U.S. equity strategist at Citi, worries the S & P 500's advance this year is in danger as companies will have a high bar to clear next month with the start of the second-quarter reporting season. In the second quarter, S & P 500 companies are expected to post an year-over-year earnings growth rate of 8.8%, according to a FactSet estimate.

" "So, essentially, what all this sets up for from our perspective is that we have to be prepared for a pullback as we go through the summer months into the fall," Chronert added. "And then set up, we think, for a better opportunity into the end of the year." .

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