Wall Street is eyeing markets in June with suspicion and trepidation as traders monitor a number of potential shocks that could derail stocks this summer. Investors are on high alert even though the Dow Jones industrial average is coming off its best weekly advance in 10 weeks. The Dow’s 2.1% jump was its best since the week ending March 18.
The angst is driven home by the foreboding language that evokes coming storms used by Wall Street strategists in recent investment reports. Michael Hartnett, chief investment strategist at Bank of America Merrill Lynch, warns that markets are entering “event risk June” which could culminate in a “summer of shocks.” The investment team at Cornerstone Financial Partners says the market could be in for a “cruel, cruel summer.” FULL REPORT