‘Fundamentals still matter’: A portfolio manager at a firm managing $17 billion warns stocks are due to sink 15% as AI hype fuels the current rally and drowns out recession alarm bells

• Stocks are up more than 23% since last October.
• But the rally isn’t likely to last, warns Rayliant’s Phillip Wool.
• Wool said a likely recession, poor market breadth, and rising interest rates threaten stocks.

Stocks are once again in a bull market, with the S&P 500 now up more than 20% since October’s lows.