Current S&P 500 correction has further to run

Current S&P 500 correction has further to run - Evercore ISI

After weeks of a relentless upward march, the S&P 500 experienced a pullback in recent days as sticky inflation data dealt a major blow to early interest rate cut hopes. Commenting on the recent developments, analysts at Evercore ISI said the ongoing market correction has further room to run.The latest sell-off in US stocks began last week when disappointing earnings from major banks and higher-than-expected inflation data for March weighed on risk sentiment among investors.

The core CPI, which excludes the more volatile food and energy prices, also saw a rise of 0.4% month-over-month and 3.8% year-over-year, surpassing forecasts of 0.3% and 3.7%, respectively. This, according to Evercore ISI analysts, represents a broader issue because it fails to confirm the Industrial Average strength, which just recently made a new all-time high.”

To date, 54 companies from the S&P 500, representing 12% of the market's capitalization, have reported their results for the first quarter.

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