Beijing time 6 News, Guggenheim Partnership Chief Investment Officer Scott Minard (Scott Minerd) said in a research report on Sunday that the worst for US stocks is far from over, and its model estimates that in the worst case, the S & P 500 could fall nearly 1000 points from Friday's level to 1500.

As of Friday's close, the S & P was at 2488.65, down 26.5 per cent from its record high on Feb. 18.

"when the market starts to see rising unemployment and economic growth," Minnard said.CK HutchisonWhen corporate profits shrink, there will be another round of panic. "

"one thing I would like to warn is that combined earnings per S & P 500 could fall to $100 this year if earnings continue to decline, as I expected," he wrote. Given that the traditional price-to-earnings ratio is about 15 times earnings, that would bring the S & P 500 down to 1500, about 1000 points lower than what we see today. For now, investors should probably focus their activities on bonds. "

With that in mind, Minnard said airline and hotel stocks hit hard by the epidemic could now be a very dangerous bet because some of them will never return to pre-outbreak levels, if they can recover.

Mr Minnard said he expected US GDP to contract by much more than 10 per cent this year.

"perhaps the most surprising thing for me is that the market is still holding up," Minard said. I had expected current share prices to be lower because of the economic data and the fact that most of the capital markets are still closed for companies. "