4月“关税恐慌”或返场？华尔街罕见空头发声！

Group 1 - Wall Street's record rally is facing a reality check as market valuations reach levels seen around the 2021 peak [1][2] - Investors have been willing to pay premiums for stocks, but the impact of tariffs on the overall economy is becoming harder to ignore [1][2] - The Stifel team warns of a potential "mild stagflation" that could trigger a market sell-off similar to the "tariff panic" experienced in April [2][3] Group 2 - The upcoming economic slowdown is expected to be more severe, with actual unit sales of goods likely to decline as companies raise prices to offset tariffs [2][3] - The S&P 500 index could drop by up to 14%, aligning with Stifel's year-end target of 5500 points, despite the current index being around 6389 points [2][3] - Stifel remains one of the few bearish voices on Wall Street, maintaining a lower target for the S&P 500 compared to other strategists [3] Group 3 - Investors are advised to consider defensive value stocks, with Philip Morris International and Abbott Laboratories highlighted as potential opportunities [3]