UBS: US stocks have not yet bottomed out, the S&P 500 index may fall another 8%

UBS Investment Bank’s chief strategist said a “clearly exhausted” U.S. consumer is set to further weigh on stock prices, potentially triggering another 8% drop in the S&P 500. Indicators such as employment expectations, spending outlooks and consumer confidence are flashing warning signs, said Bhanu Baweja, who sees the S&P 500 falling as low as 5,300 as analysts cut profit expectations for the next three to four months.