Wall Street strategists sound gloomy note as stocks drop again

After a rocky week for U.S. stocks, a number of Wall Street strategists are pointing to reasons for further caution as investors face tightening monetary policy, corporate earnings, seasonal weakness and other factors that could spell more trouble for equities.

Among those sounding caution was Morgan Stanley’s Michael Wilson, who in a report on Monday pointed to rising valuations for defensive stocks and slowing margin expansion as fresh warning signs for investors. Meanwhile, Citi’s Matt King noted that reserves at the Federal Reserve fell by $460-billion last week, the single biggest weekly drop on record.

Meanwhile, most investors expect the Fed to announce a half-percentage-point interest rate increase at the end of its policy meeting next week, though many worry that markets have not priced in the full scope of the U.S. central bank’s potential hawkishness, as policy-makers battle the worst inflation in about 40 years.

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