More than three quarters of the respondents said now is a time to be very conservative in the stock market, according to a new CNBC Delivering Alpha survey.
A trader works on the floor of the New York Stock Exchange in New York, on Monday, Sept. 20, 2021.Wall Street investors believe it's time to take some risk off the table as risks continue to pile up this month, according to a newWe polled about 400 chief investment officers, equity strategists, portfolio managers and CNBC contributors who manage money about where they stood on the markets for the rest of 2021 and next year. The survey was conducted this week.
More than three quarters of the respondents said now is a time to be very conservative in the stock market when asked what kind of market risk they are willing to accept for themselves and their clients.A confluence of uncertainties have emerged in the market, threatening to derail stocks' record-setting recovery rally.
While holding a more cautious view on the market right now, investors still believe stocks could grind higher over the next 12 months. About half of the survey respondents said will rise more than 5% in the next 12 months. Forty-four percent said the equity benchmark will be fairly flat, while only 5% said it will fall over the next year.After this week's pullback, the S&P 500 is about 4.2% off its record high from early September. The benchmark is still up about 16% this year following eight consecutive months of gains. Many believe the market is experiencing seasonal weakness in a historically choppy month of September.
"There seems to be a change in market sentiment over the past couple of weeks that favors the bears," said Brian Price, head of investment management at Commonwealth Financial Network. "After a relatively quiet summer where the path of least resistance for equities was steadily higher it seems as though market participants are looking to fade this year's rally."
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