Wall Street warns of impending stocks drop

Historical pullbacks: Traders work on the floor of the New York Stock Exchange. Some analysts say the long-term bull market in stocks is still intact despite expectations for volatility and advise clients to stay invested — AFP

NEW YORK: A chorus of stock market prognosticators at some of Wall Street’s biggest firms is warning clients to prepare for a pullback as sky-high equity valuations slam into souring economic data.

On Monday, Morgan Stanley, Deutsche Bank AG and Evercore ISI all cautioned that the S&P 500 Index is due for a near-term drop in the weeks and months ahead.