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The stock market hasn’t had a formal correction all year and many strategists are now calling for one. One bank still sees gains ahead because companies’ earnings are too good to ignore, but the rally it has penciled in would be far from spectacular.
Several strategists are now looking for a negative return on the S&P 500 by the end of the year. Some are calling for a correction, defined as a drawdown of at least 10%. The largest decline in the market benchmark so far this year was just 5%.