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A ‘summer of pain’? The Nasdaq Composite could plunge 75% from peak, S&P 500 skid 45% from its top, warns Guggenheim’s Scott Minerd.

·4 min read
A ‘summer of pain’? The Nasdaq Composite could plunge 75% from peak, S&P 500 skid 45% from its top, warns Guggenheim’s Scott Minerd.
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The carnage playing out in the U.S. stock market on Wednesday is likely an amuse-bouche compared with the devastation on the menu for the bulls in the coming months and years, Guggenheim Partners Global Chief Investment Officer Scott Minerd told MarketWatch in an interview. The prominent CIO on Wednesday said he envisioned the possibility of a dreadful summer and fall for stock-market investors — one in which the Nasdaq Composite Index (COMP) eventually unravels, plunging 75% from its Nov. 19, 2021, peak (currently it’s down around 28%) and the S&P 500 (SPX) tumbles 45% from its Jan. 3, 2022, peak (from which presently down 18%) as we head into July. “That looks a lot like the collapse of the internet bubble,” Minerd said, referring to the implosion of technology stocks in 1999 and early 2000.