Let us know why Bank of America said Stocks Are Headed for a 'Big Collapse'

Bank of America on the US Market 

U.S. stocks entered a bull market on June 8, with stocks surging 20% above their most recent low. 

The S&P 500, the stock index that tracks 500 of the largest U.S. companies, bounced up to 4,293.

The S&P 500 continues to rise, reaching $4,444 on June 30. Bank of America warns that the bull market may not last.

Bank of America's chief investment strategist Michael Hartnett, said Stocks Are Headed for ‘Big Collapse’

Michael Hartnett said that, rather than seeing a long-lasting bull market, the jump represents a “big rally before big collapse.”

Let us tell you that so far in 2023, the market has proved the bears like Hartnett wrong.

The economy's ability to survive the recession and credit crunch following the collapse of Silicon Valley Bank has kept stocks high.

Once the Fed hikes interest rates to 6% and unemployment tops 4% which would indicate a recession.

For the time being, it will be interesting to see how right Bank of America Chief Investment Strategist Michael Hartnett proves to be.

Bird Box: Barcelona is The most-watched movie on the platform worldwide just one day after its release.