Markets fall but stocks “can still defy elevated multiples”

Markets fell on Friday.

The S&P 500 fell 0.4 percent, the STOXX Europe 600 fell 0.4 percent and the Nikkei 225 fell 0.5 percent.

Oil fell. West Texas Intermediate crude plunged 4.4 percent while Brent fell 2.5 percent.

Markets were weighed down by concerns that a US-China trade deal may be in jeopardy after US President Donald Trump signed legislation supporting Hong Kong protesters on Wednesday.

Still, BCA Research concluded in a recent analysis: “Stocks can still defy elevated multiples.”

BCA believes that a recession will happen “in the next 24 months or so” but that still leaves time for the bull market to make one last lurch upward.