Market crash on the way? Wall Street heavyweights warn that US stocks still have further downside space.

The S&P 500 index fell by 10.5% over the past two days last week, marking the largest drop since the COVID-19 pandemic began in 2020. Despite a mix of gains and losses in the three major indexes on Monday, market volatility continued to intensify, with heavyweights on Wall Street expressing concerns about the future economic outlook. Mark Spitznagel, a "doomsday prophet" on Wall Street and founder of Universa Investments, believes that the recent market decline is not a true "epic stock disaster" but rather a "turbulent episode" on the path to a full-blown crisis. He stated, "I expect an eventual 80% market collapse. But this is not the end yet, it's a trap." Spitznagel gained fame for successfully predicting the market crash caused by the COVID-19 pandemic in 2020, with his fund returning up to 4144%. While the current downturn has not yet met his most pessimistic expectations, he revealed that Universa is continuing to operate in a "stock disaster mode" and warned that "the bubble will eventually burst." "This is another round of cleaning up retail investors with the decline, not doomsday, but the process to the end." He emphasized that rather than trying to predict the exact timing of the collapse, it is better to prepare for "unpredictable and severe turbulence." He also pointed out that for ordinary investors, sticking to discipline, taking a long-term perspective, and avoiding making wrong decisions in panic are the best ways to deal with market risks. Meanwhile, Larry Fink, CEO of the world's largest asset management company, BlackRock, expressed concern at a public speech at the New York Economic Club. He noted that Trump's large-scale tariff policy is pushing the market towards deeper uncertainty and may lead to inflation. "If tariffs are imposed across the board, I am concerned this could drive inflation upward and even pose a risk of economic recession." Fink stated that while the United States was originally a stabilizing force in the global economic system, it is increasingly seen as a "uncertain and even destructive" force. He added, "The current market turmoil not only reflects concerns about the macroeconomic outlook, but also global capital's doubts about the US policy path." In the face of the market outlook, Fink remains cautious but believes that the current adjustments could present opportunities for long-term investors. "I think this is more like a buying opportunity, but we cannot rule out the possibility of the market falling by another 20% from its current levels." "The vitality of the US economy will continue."