US stocks facing an overdue drawdown, could fall by 5% in a matter of weeks, says BTIG's Jonathan Krinsky, cites these reasons
US stock market could end up getting hit by an unprecedented crisis, as stocks are expected to tank by up to 5%, with S&P 500 bearing the brunt of most of it, as per BTIG's Jonathan Krinsky, who is anticipating a major shakeout at the stock markets in the coming weeks.
Possible S&P 500 crash: Market expert fearing stocks slumping
Krinsky, BTIG's chief market technician is of the opinion that S&P 500 and its dependent stocks could witness a 5% slump in a matte of weeks, something that could indeed take some time to recover amid all the uncertainty surrounding the US stock markets. With the US elections ongoing, there are worries about the market seeing a big crash based on the heightened political uncertainty among Donald Trump and Kamala Harris. The US stock market, for now, needs to hold tight and brace for impact if a major hit is indeed to rock them.
Is US dollar leading the stock market into crisis?
With the country looming into a major dollar crisis, based on the previous financial markets stats, according to a previous ET report, Krinsky is also asserting a similar claim that the volatile moves in the US dollar could be a triggering factor and a catalyst for a pullback.
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However, Kirksky is also optimistic about the current market trends amid the election, as the election months, especially November and December are usually not very good months for stock market business, but this time things are going very well at Wall Street, with the market currently in a good position.
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