A growing chorus of Wall Street strategists is warning the U.S. stock market is ripe for a pullback as the COVID-19 delta variant spreads across the globe amid the most difficult two-month stretch for investors.
The S&P 500 has rallied 96% since bottoming on March 23, 2020, booking 61 record highs along the way. The benchmark index has throughout the rally avoided a correction, or decline of at least 10%, which happens an average of once a year.
Strategists are growing more concerned that the elusive pullback is coming now that the delta variant has threatened to derail the economy’s recovery.
“At this incipient stage of the spread of the Delta variant and slowing of economic growth, there are enough red flags…