In October, Stifel Chief Equity Strategist Barry Bannister said in an interview with BNN Bloomberg that the S&P 500 will plunge 26% next year. Bannister called the current stock market “effervescent” — a fancy way of saying it’s a bit bubbly. His concerns include valuation and the overall macroeconomic picture.

Stifel isn’t the only Wall Street firm with a negative outlook. Earlier this month, Morgan Stanley Chief Global Economist Seth Carpenter told CNBC’s Sri Jegarajah that President-elect Trump’s proposed across-the-board S&P 500 cause a “big negative shock” to the U.S. economy. He argued that the tariffs will drive inflation higher, which will, in turn, weigh on economic growth for the U.S. and its trading partners.

Granted, Carpenter didn’t expressly predict a significant downturn for the S&P 500 as Bannister did. However, as the U.S. economy goes, typically so goes the S&P 500 — although the index tends to move up or down in advance of the economic numbers.