The bull market for stocks may be old, but it’s not dead yet, say Citi strategists

We’ll know soon if the pullback in the U.S. manufacturing sector is poisoning the rest of the economy.

If the biggest threat to their call — a global recession — can be avoided, the S&P can reach 3,300 by the end of 2020, predicts a Citi team led by Robert Buckland. That’s just over a 14% gain from Wednesday’s close. Worrying factors for now, they say, include stretched corporate balance sheets and cyclically high profitability for companies. Another concern is an inverted U.S. yield-curve — when the yield on the 10-year Treasury note TMUBMUSD10Y, -4.28% is below that of the yield on the 2-year note TMUBMUSD02Y, -7.27% — because it has been a “good lead indicator of previous recessions,” the collapse of company earnings and global bear markets, they say.The market A third day of losses is building.

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