US Stock Market May Fall 15% by October... 'Tapering and Delta Variant' Variables

[Asia Economy Reporter Park Byung-hee] Scott Minerd, Chief Investment Officer (CIO) of Guggenheim Investments, warned that the U.S. New York stock market could plunge more than 15% by October.

On the 21st (local time), Minerd CIO said in an interview with Bloomberg TV, "September and October are expected to be very difficult periods," predicting that the New York stock market could be adjusted down by more than 15% by October.

He cited the possibility of faster-than-expected tapering (reduction of asset purchases) by the U.S. Federal Reserve (Fed) and the spread of the COVID-19 Delta variant as major risk factors.

This week, the S&P 500 index has shown volatile and unstable trends. On the 19th, the S&P 500 index plunged 1.59% due to concerns over the spread of the Delta variant, then rebounded 1.52% and 0.82% respectively over the following two days.

Minerd CIO also claimed that Bitcoin, which briefly broke below the $30,000 level recently, could fall further to the $15,000 level.