Byron Wien Says S&P 500 Will Tumble Before Rallying to 4,500
- Wien is vice chair of Blackstone’s private wealth business
- Forecast calls for 20% drawdown in benchmark equity gauge
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U.S. stocks will sink in coming months before resuming their record-setting rally and faster growth will spark inflation and higher yields in Treasuries, according to Byron Wien’s annual list of surprises.
The S&P 500 will tumble almost 20% in the first half of 2021 and then advance to 4,500, according to a statement co-written by Wien, vice chairman of Blackstone Group Inc.’s private wealth solutions business, and Chief Investment Strategist Joe Zidle. U.S. economic growth will exceed 6%, causing the 10-year Treasury yield to rise to 2%, they forecast.