Disappointing Earnings Growth Is The Major Risk For The S&P 500

Having declined from 2,925 on October 3 to 2,351 on December 24 (-19.6%), the S&P 500 posted a solid rebound over the last few days of 2018. The index closed the year at 2,506. Despite this rebound, we still think that the outlook of the U.S. equity markets remains negative. As we indicated in our October 28 article “S&P 500 – What To Do Now?”, we are not invested in the U.S. equity markets now.

In our view, the renewed concerns on the world economic outlook can take their toll on U.S. equity markets at the beginning of the year.

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