Veteran fund manager who predicted S&P 500 drop revamps outlook
The long-time hedge fund manager reset his stock market outlook.
The stock market has endured a fast-and-furious selloff that's taken the S&P 500 down more than 10%, putting it in correction territory, something that's normally seen only about every year and a half.
It's been worse for the tech-heavy Nasdaq 100. Tech stocks were last year's darlings, and they've fallen more than average, especially those that enjoyed the best returns because of booming interest in artificial intelligence.
The drubbing has taken a stiff toll on many, given that most Wall Street analysts expected the S&P 500 to notch more gains this year following back-to-back returns exceeding 20%, including an impressive 24% return in 2024.
