US markets begin new week on a negative note on higher yields; Here's what lies ahead

Bank of America's Savita Subramanian, one of the few bearish analysts on the market, revised her S&P 500 projections to 7,400 from 7,100 earlier, still implying a downside potential of 2.9% from current levels. She sees the index retesting 7,800 levels in the next 12 months, implying a mere 2.4% upside from here.