Stifel’s Barry Bannister sticks to his bearish market stance
Barry Bannister is unimpressed by the stock market's run to record highs. The broad market index has soared to record levels to start the fourth quarter, as the Federal Reserve begins its rate-cutting cycle. Over the past month, the S & P 500 has climbed 3.2% to break above 5,800 for the first time. It closed at 5,815.26 on Tuesday, despite a decline. But Stifel Financial's chief equity strategist is sticking to his bearish stance. "Despite all the soft-landing and Fed rate cut optimism, the S & P 500 up almost 40% y/y has simply over-shot," he wrote in a note to clients. "Sure, we can cherry-pick with the best of them and apply the most over-valued cyclically adjusted valuation level of the past 35 years to show about 10% further upside [to 6,400], but that same analysis of a cent...










