Bank of America raises year-end S&P 500 price target, says rally will broaden out from here
Sarah Min Bloomberg September 20, 2023 Bank of America’s Savita Subramanian raised her 2023 year-end S&P 500 price target to 4,600, saying the rally will broaden out from here. The equity and quant strategist increased her S&P 500 target to 4,600 from 4,300 — placing it among the higher forecasts in CNBC’s Market Strategist survey. The […]
Rising Rates Make Big Companies Even Richer
James Mackintosh The Wall Street Journal September 15, 2023 The amount companies earn from cash in the bank is going up even as interest costs fixed during the pandemic stand still. The Federal Reserve jacked up interest rates to slow the red-hot economy. At some of the biggest and most secure companies, the moves had the opposite […]
US services sector picked up in August, along with prices
Ann Saphir Reuters September 6, 2023 The U.S. services sector unexpectedly gained steam in August, with new orders firming and businesses paying higher prices for inputs — potential signs of still-elevated inflation pressures. The Institute for Supply Management (ISM) said on Wednesday its non-manufacturing PMI rose to 54.5 last month, the highest reading since February […]
Fed Officials Set to Double Growth Forecast Amid Strong Data (1)
Steve Matthews Bloomberg September 6, 2023 Resilience may lead to fewer rate cuts penciled in for 2024 Separate tracker from Atlanta Fed is at 5.6% for third quarter The US economy has been looking so solid lately that Federal Reserve officials will probably need to double their projection for growth in 2023 when they publish […]
Strategists Scramble to Catch Up as S&P 500 Rally Rumbles On
Farah Elbahrawy Bloomberg August 25, 2023 Oppenheimer’s Stoltzfus raises year-end target to 4,900 Morgan Stanley’s Wilson turned less bearish on Monday There’s a shift in tone happening across Wall Street. Oppenheimer Asset Management’s Chief Investment Strategist John Stoltzfus lifted his target on the S&P 500 index to a Street high, a day after Morgan Stanley’s Michael Wilson, one of […]
Goldman Sees GDP, Markets Weathering Likely Government Shutdown
Christopher Anstey Bloomberg August 21, 2023 US federal agencies set to run out of appropriations Sept. 30 Goldman sees partisan impasse leading to temporary shutdown Goldman Sachs Group Inc. sees a short-term hit to the US economy, with a subsequent rebound, in the likely event of a federal government shutdown sometime after appropriations run out Sept. 30. “The […]
S&P 500 Profits Get a Lift From the Crack in King Dollar’s Reign
Jessica Menton Bloomberg July 29, 2023 Traders bet greenback will fall more, helping overseas sales End of Fed rate hikes adds to pressure weighing on US currency With the Federal Reserve nearing the end of its most disruptive monetary-tightening campaign in a generation, a softening US dollar is poised to boost profit growth for nearly half of […]
US GDP Growth Accelerates to 2.4% as Consumers Show Resilience
Reade Pickert Bloomberg July 27, 2023 Household spending tops estimates, business investment robust Latest data likely add to hopes that US can skirt a recession US economic growth unexpectedly picked up steam in the second quarter, boosted by stronger-than-forecast consumer spending and robust business investment. Gross domestic product rose at a 2.4% annualized rate after a […]
Goldman’s Kostin Says S&P 500 to Be Pricier as Laggards Catch Up
Ksenia Galouchko Bloomberg July 24, 2023 S&P 500’s profit multiple could hit 21 times as rally expands Easing inflation, falling bond yields could also boost stocks The S&P 500’s high valuation is reasonable and could rise further this year as laggards of the index join the surge in winners from artificial intelligence, according to Goldman Sachs Group […]
US Recession Becomes Closer Call as Economists Rethink Forecasts
Rich Miller, Molly Smith, and Sarina Yoo Bloomberg July 21, 2023 Bloomberg survey shows firmer growth through third quarter Fed’s preferred inflation gauge seen ending 2024 near 2% goal Some of the forecasters who were first out of the box to predict a US recession are starting to hedge their bets as inflation ebbs and […]