'We do not think the bear market is over.'
is already on track for its worst year since 2008, but these analysts suggest things may get much worse.Technically, the S&P 500 has been in a bear market since its Jan. 3 peak of 4,797, after which it fell nearly 24% before seeming to hit bottom in June and rebounding."We do not think the bear market is over," Morgan Stanley analysts wrote in a note this week.
The analysts think the S&P — currently hovering around 3,980 — likely falls at least another 15%, to 3,400, during the fourth quarter. The index could even collapse by 25%, falling to 3,000, if the economy slips into a recession, they added.Goldman Sachs stock market analysts called the June to August rally, in which the S&P rose more than 17%, a "bear market rally," in a note published yesterday.The bottom line:
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