Wall Street should brace for a 'big collapse' after recent rally, BoA warns

Bank of America Chief Investment Strategist Michael Hartnett doesn’t believe it’s the start of a ‘brand, new shiny bull market’ but that stocks are headed for ‘big rally before big collapse.’

  • Hartnett warned investors to be wary of three warning signs for markets: further Federal Reserve rate hikes, rising Treasury yields, and an unemployment rate that rises above 4 percent.

Fears of missing out on a broader rally are driving formerly doubtful investors back into the market.

  • Many who had whittled down stock holdings during 2022’s painful decline are shifting gears and going back into buying mode.

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