Bank of America: The recent sell-off has not yet harmed the "core" of the U.S. stock market

ChainCatcher news, according to Michael Hartnett, chief strategist at Bank of America, the turmoil in global financial markets has not yet reached a level that triggers concerns about an economic hard landing.

The S&P 500 Index (SPX) has fallen about 6% since hitting a record high in mid-July, and the benchmark stock index remains above the 200-day moving average of around 5050 points, while the yield on the U.S. 30-year Treasury bond has not fallen below 4%.

Michael Hartnett wrote in a memo, "The technical levels that could shift Wall Street's narrative from a soft landing to a hard landing have not yet been broken. Despite investor feedback being 'fatigued', expectations for Fed rate cuts mean that the preference for stocks over bonds has not ended due to the market sell-off."