Expert Warns of 48% Further Downside in Stock Market Crash

Financial expert Jon Wolfenbarger warns that despite the optimistic narrative of a soft-landing, the US stock market is headed for a crash with a further 48% downside. Wolfenbarger points to two key indicators: the Institute for Supply Management's Purchasing Managers' Index showing signs of slowing economic growth, and real gross domestic income (GDI) being negative year-over-year for three consecutive quarters. Additionally, high valuations, as measured by the Shiller cyclically adjusted price-to-earnings ratio and market cap-to-GDP, suggest stocks are in trouble. Wolfenbarger predicts the S&P 500 will fall to around 2,250, representing a 48% decline from current levels.