Market Sentiment Dips as S&P 500 Faces Potential 5% Drop

Bank of America strategist Michael Hartnett warns that the S&P 500 could drop another 5% after breaching a key technical level at 4,200 points. Hartnett suggests that the index may continue sliding until it reaches the 200-week moving average at 3,941, which has historically acted as a long-term support line. The recent decline in US stocks has been attributed to concerns over rising bond yields, geopolitical tensions, and disappointing corporate earnings. However, demand for tech stocks remains strong, with investors "buying-the-dip" in the sector.