US stocks are poised for a fresh slide before ultimately rallying in the second half of the year when economic conditions stabilize, according to Bank of America Corp. strategists. Investors are positioned for the S&P 500 to tumble nearly 10% to 3,600 points before rallying 17% to the 4,200 level, strategists led by Michael Hartnett wrote in a note. Trading during an economic and earnings recession “requires patience,” they said. The “pain trade” will last until a trough in Fed rate forecasts, yields and credit spreads signals “peak Goldilocks” — describing a steady economy that is not running too hot or too cold. Global stocks gained at the start of this year amid optimism fueled by China’s reopening, cooling inflation and expectations that central banks will take a less aggressive approach to tightening. Still, strategists are increasingly favoring European and Asian shares over US peers against the backdrop of higher rates. Hartnett said the outperformance of European stocks versus the US was the “start of an era” last week while Goldman Sachs Group Inc. peers said the Chinese stock rally has more room to run. “S&P 500 earnings revisions point to a hard landing” even though the market is pricing a soft landing, Goldman Sachs strategists led by David Kostin wrote in a note late Thursday. If there is no recession, as the team expects, S&P 500 earnings per share growth will be flat this year, they said.