The stock market retreated in the last trading session with expectations of weak economic data due Wednesday, along with renewed COVID-19 restrictions in China. The S&P 500 index has dropped 19.1% year-to-date.
Moreover, Citigroup Inc. (C) analysts forecast the S&P 500 to finish the year at 4,200, cutting their forecast in late June from 4,700. This is still up from its last trading session’s finish, near 3,854. According to a Citi note in late June, “the better than feared earnings and signs of peaking rates set up a positive second half of the year.”
