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Market Correction Looms as Tech Rally Fades, Says Wharton Professor

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Finance News

Market Correction,S&P 500,Tech Rally

Professor Jeremy Siegel warns of a potential market correction in 2024 as the tech-led rally loses steam. Siegel points to the S&P 500's recent pullback from its record high and historical market trends following similar rallies.

The chances of a market correction are creeping up as the tech-led 2024 rally fades into year-end, according to Jeremy Siegel, professor emeritus of finance at the University of Pennsylvania's Wharton School of Business. "I really think we're going to take a pause this next year," Siegel said Monday on CNBC's " Squawk on the Street ." "I think there might be some disappointment, as time has gone on.

Stocks got a boost from Donald Trump 's presidential election win as investors bet that his promises of tax cuts and deregulation will propel growth and benefit risk assets. Siegel pointed out that this would mark the second time in history that the S & P 500 rallied more than 20% for two straight years. The first time was 1998 and 1999, followed by the dot-com bubble burst in 2000, he said.

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