Bank of America turns bullish on stocks and recommends these strategies
Jeff Cox CNBC June 9, 2023 After being one of the most prominent bears on Wall Street, Bank of America has changed its tune on stocks and sees pockets of select opportunities ahead. The firm’s equity team has not changed its year-end S&P 500 target. It still sees the large-cap index finishing around 4,300, which implies little […]
Morgan Stanley, Goldman at Odds on S&P 500’s Bull Market Rally
Sagarika Jaisinghani and Farah Elbahrawy Bloomberg June 11, 2023 The S&P 500 entering a bull market has left Wall Street’s top strategists split on the way forward. Goldman Sachs Group Inc.’s David Kostin expects the gains to continue as other sectors catch up with the searing rally for technology shares. Morgan Stanley’s Michael Wilson, meanwhile, points instead to the bear market of […]
The history of cyclical bull markets suggests the S&P 500 could rise to 4,900 by next summer
Sarah Min CNBC June 12, 2023 If history is any guide, the S&P 500 could climb to 4,900 by next summer, Bank of America says. The broader market index entered a cyclical bull market after rising 20% off its October low on June 8, the firm’s technical strategist Stephen Suttmeier said Friday. Investors piled into the […]
Hiring at US Companies Tops All Forecasts, ADP Data Show
Augusta Saraiva Bloomberg June 1, 2023 Private payrolls increased by 278,000 in May, led by leisure Wage growth slowed, including for people changing jobs Employment growth at US companies last month exceeded all projections, highlighting a durable labor market that continues to buttress the economy. Private payrolls increased 278,000 following a revised 291,000 gain in April, […]
US REACT: Goods Disinflation Showing Signs of Returning
Eliza Winger Bloomberg June 1, 2023 OUR TAKE: The ISM manufacturing gauge declined further in May, its seventh straight month in contractionary territory. With consumers shifting their purchases toward services rather than goods, it’s hard to foresee a return to positive territory anytime soon. With the May print showing demand easing and prices paid dropping […]
BofA Equity Indicator Sees S&P Potentially Up 16% in 12 Months
Alexandra Semenova Bloomberg June 1, 2023 A contrarian indicator from Bank of America Corp. that compiles Wall Street strategists’ allocation recommendations is the closest it has been to notching a “buy” signal since 2017. Sell-side indicator, which tracks US sell-side strategists’ recommended allocation to stocks, edges down 22 basis points to 52.5% in May, 1.1 percentage […]
US consumer spending surges in April; inflation heats up
Reuters Lucia Mutikani May 26, 2023 WASHINGTON, (Reuters) – U.S. consumer spending increased more than expected in April, boosting the economy’s growth prospects for the second quarter, and inflation picked up, which could prompt the Federal Reserve to raise interest rates again next month. The growth picture was further brightened by other data from the […]
US Money Supply Falls for Fifth Month in Hopeful Inflation Sign
Alex Tanzi Bloomberg May 23, 2023 The pace of US money supply declined in April for a fifth month, an unprecedented stretch that offers hope that inflationary pressures will continue to cool. The M2 measure, which includes cash in circulation as well as bank and money market accounts, dropped 4.6% to $20.7 trillion from the same […]
Chinese Stocks Wipe Out 2023 Gains as Headwinds Intensify
Bloomberg May 23, 2023 CSI 300 extends decline as developers’ debt woes resurface Geopolitics, yuan weakness, and uneven recovery are concerns China’s benchmark stock index erased all its gains for the year as a weaker yuan and developers’ debt woes added to persistent worries over growth and geopolitics. The CSI 300 Index closed down 1.4% Wednesday, with […]
US Bank Lending Rises for Fourth Week, Led by Small Institutions
Alex Tanzi Bloomberg May 5, 2023 US bank lending increased for a fourth straight week, suggesting credit conditions remain relatively stable despite elevated concerns about regional lenders. Commercial bank lending rose $41.6 billion in the week ended April 26 after increasing $12.4 billion the prior week, according to seasonally adjusted data from the Federal Reserve out Friday. […]