Oppenheimer & Co.’s John Stoltzfus, chief investment strategist and one of the most bullish prognosticators on Wall Street, now expects the S&P 500SPX to fall. “The incursion into Ukraine by Russia and China’S lockdown of Shanghai (a city of over 25 million people) as well as of other cities in China added catalysts over the course of the first half of this year which have, along with higher and stickier inflation, added enough uncertainty and soured sentiment to negatively challenge equity market performance,” wrote strategists.

Other Wall Street banks have cut their S&P 500 targets for 2022. Earlier this week, Credit Suisse analysts cut their forecast by 600 points to 4,300. The benchmark indexSPX, however, is still expected to close above 4,000.

Minutes from the Federal Reserve’s June policy meeting showed officials have been prepared to tighten policy even further. Fed policy makers last month voted to raise their benchmark rate by 75 basis points, the largest increase since 1994. Citigroup last month lowered their estimate by 500 points to 4,200 points.

The S&P 500 rose 0.2% on Friday morning. The Dow Jones Industrial AverageDJIA, however, was down 0.3%. The Nasdaq was up 0.4%. The S&P 500 and the Dow Jones were both down less than 0.1%.
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