According to Bank of America Merrill Lynch, stocks are going nowhere for the rest of the year.
"Supportive central banks, bearish sentiment and attractive yield opportunities are supportive of stocks. But ongoing trade uncertainty and signs of macro deterioration ... leave us neutral on the S&P 500 for 2019," said Savita Subramanian, chief U.S. equity strategist, in a note to clients Wednesday.
Subramanian said that the firm's 2019 year-end target on the S&P 500 remains 2,900, which is slightly above where the index was trading Wednesday.
Stocks opened lower Wednesday, accelerating Tuesday's slide after manufacturing data came in at its lowest level in a decade.
"Dovish central banks and tepid equity positioning are supportive, but trade tensions/global growth concerns/geopolitical risks plus signs of margin compression and further downward risk to estimates are likely to limit upside going forward," Subramanian wrote.
Yet the strategist noted that the Street is "worried" and that stocks' steady climb over the last 10 years continues "to be one of the most hated bull markets on record."