Despite the sell-off, strategists broadly believe equity markets havent seen a bottom. Hartnett said last week that based on past bear markets defined as a 20% drop for the index from recent highs the current one for the S&P 500 would end in October with the index at 3,000 points. Thats 21% below current levels.
Morgan Stanley strategist Michael J. Wilson also sees the index dropping to 3,000 to fully reflect the scale of economic contraction. And Societe Generale SAs Manish Kabra said this week that a 1970s style shock amid stagnation with higher inflation could send the index crashing more than 30% from current levels.
By trading style, U.S. small cap and large cap stocks led outflows. By sector, materials and energy saw the biggest redemptions. Technology, communication services and real estate had inflows.
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