Markets are due for a 5% downturn in 2024: Strategist

Stocks (^DJI, ^IXIC, ^GSPC) are trading mixed after June's consumer sentiment data hit its lowest level since November, raising concerns about market dynamics. CFRA Research chief investment strategist Sam Stovall joins Market Domination to discuss market outlooks and recession fears. Stovall is concerned that markets may have "to endure another decline" before the end of the year. He notes that in the first quarter, markets experienced one of the best performances since World War II. Historically, years with such strong starts have seen a significant downturn of 5% or more, with an average decline of 12.5%. However, Stovall highlights a silver lining: historically, the following year sees substantial market gains. Though with much of the recent market gains driven by the tech sector, Stovall worries, "How long can this jumbo jet fly on only one engine?"
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