According to the latest CNBC survey of about 400 chief investment officers, equity strategists and portfolio managers, inflation will remain the main cause for concern for markets in 2022.

Key findings

“More than half of the respondents said inflation is their biggest worry for 2022.”

“Thirty percent said the Federal Reserve raising rates at the wrong time is their top concern, while 17% said the economic impact of a lingering pandemic is their No. 1 worry.”

“More than 50% of the survey respondents expect the S&P 500 to go up less than 10% in 2022. Nearly 18% think the market will produce another double-digit year, while 10% see a flatline for stocks.”

“Among different asset classes, equities are still investors’ top choice, according to the survey result.”

“In terms of stock preferences, 35% of the respondents said they favor financials and 27% like cyclical names benefiting from the economic recovery. Technology stocks in general became less favorable among investors.”