Citi's Scott Chronert believes the broad market index is due for a pullback later this year.
The S & P 500 's recent rally has many investors convinced the bear market is drawing to a close, but Citi's Scott Chronert isn't convinced. The broad market index has surpassed the key 4,300 threshold in recent days, rallying more than 20% off its October low. Chronert, U.S. equity strategist at Citi, isn't buying the rally. He is maintaining his full-year S & P 500 target of 4,000 as he forecasts a pullback in the second half of 2023.
So, this is not a broader market move. This is a very narrow move," he said Tuesday on CNBC's " Squawk on the Street ." Citi isn't the only Wall Street firm that expects a market pullback later this year. According to CNBC Pro's Market Strategist Survey , Barclays, Morgan Stanley and UBS are forecasting the broad market index to fall below 4,000 at year-end. Chronert anticipates the market to take an upward trajectory in the first half of next year.
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