Key data prints are hovering in recession territory, Megan Horneman said.
"I think investors got a little ahead of themselves," she said.
This over-enthusiasm could cost the market heavily, pushing stocks toward a 7% to 10% drop, the chief investment officer said.
"I think investors got a little ahead of themselves as far as the what strength there is in the economy," she told Yahoo Finance.
Still, these data prints have taken a backseat to labor data, which holds the spotlight on Wall Street.
Persons:
Megan Horneman, —, Tim Fiore, Morgan Stanley, Horneman
Organizations:
Yahoo Finance, Service, Conference Board, September's, PMI, US Federal Reserve