Ben Cowen Says “Everyone Expects It” Was a Bad Reason to Bet Against the Q4 Market Selloff

On Nov. 2, market analyst Benjamin Cowen said the fourth-quarter selloff in US stocks arrived despite the argument that broad expectations would prevent a correction. He said the Nasdaq has fallen more than 10%, the Russell index 11% to 12%, the Dow Jones Industrial Average about 7% and the S&P 500 about 4%, comparing the move to 2018 and 2022 declines of roughly 23%. Cowen cited Alphabet’s 12.6% decline on Oct. 29 as evidence and said he expects a low within a couple of months followed by a bounce. Morgan Stanley strategist Mike Wilson instead sees any dip as a buying opportunity, saying an S&P 500 drop toward 7,100 could precede a rally to 8,000.