Investors have weathered a big chunk of the bear market already, but stocks could still fall further, Goldman Sachs global stock chief says

• Goldman Sachs' Peter Oppenheimer believes a large chunk of the bear market has been endured.
• He told CNBC however, that stocks, specifically in the tech sector, are headed for a further drop.

US stocks could drop further in a sign that the bear market hasn't reached a bottom yet, according to Peter Oppenheimer, Goldman Sachs' chief global equity strategist.

Speaking to CNBC late last week, Oppenheimer however, maintained some optimism about financial markets after suggesting investors have braved a large chunk of the bear market despite not reaching its lows.

"Typically, in these kinds of bear markets, most equities fall for about 30%. We are not at that level yet, but we are getting towards it," he said.

"Valuations have also come down a long way, but not quite as far as they typically get in these sorts of bear market conditions. I think we are quite a ways through a typical bear market, but not at the lows yet," Oppenheimer added.

The remarks reverse upbeat tone of the markets last week, after Wall Street's key indexes rallied across four consecutive days fueled by anticipation of the June jobs report. The Nasdaq Composite came out on top last Thursday after jumping 2%.

That strength was soon squashed on Monday as Russia cut natural gas supply to parts of Europe, which rattled investors about the likelihood of a recession and kicked off a slide across the board.

Oppenheimer said tech stocks in particular could have further room to fall, with their current valuations still "quite a bit higher" than long-run averages. He added however, that there remains "great opportunities" in the sector in the long term.

"Many of the problems that we are going to see over the next decade are going to require technology solutions, including the requirement to improve energy efficiency, substitution of technology for labor, those kinds of things," he said.

The US stock market has taken a big hit this year after inflation, rising interest rates, war in Ukraine and residual effects of the COVID-19 pandemic have darkened the outlook for the US economy. The Federal Reserve has subsequently stepped in to ward off the threat of inflation by embarking on a string of steep rate rises.

Analysts expect the Fed to lift rates even faster, and against that backdrop, Oppenheimer believes that peaking interest rates and inflation expectations are two components needed for a sustainable rebound for stocks.

But for now, he said the economy will need tighter financial conditions before it sees that peak in interest rates.

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