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Nasdaq tumbles, Treasuries dip amid earnings, geopolitical crosscurrents

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Wells Fargo sees near term downside for S&P 500, remains bullish long-term

April 19, 2024 7:55 AM EDT

An analyst at Wells Fargo said in a note to clients Friday that it sees more downside for the S&P 500 despite his more bullish view over the longer term.

The bank notes that the S&P 500 is down 2.2% week-to-date due to the "triple-whammy" of higher rates, cautious 1Q24 comments around consumer demand, and continued geopolitical tensions.

"The rising rates, along... More