History Says Big Tech’s Dominance Over US Stocks Poses No Risk
Jessica Menton and Elena Popina Bloomberg July 9, 2023 Past narrow leadership wasn’t impediment to further gains: BI ‘This isn’t something to be feared,’ says BI’s Wolff Wall Street strategists are increasingly voicing concerns about the concentration of Big Tech stocks in this year’s stock-market rally. But if history is any guide, there’s little reason to fear. […]
Bank of America expects more stocks to participate in market rally during the second half
Hakyung Kim Bloomberg July 5, 2023 Tech stocks led the way higher for the market in the first half. Bank of America expects other names to join in on the rally during the second half. The first half of 2023 was the best for the S&P 500 since 2019, surging 15.9%. The tech-focused Nasdaq Composite, meanwhile, had its […]
Annual inflation falls to lowest rate since April 2021, as Americans pull back spending
Sylvan Lane The Hill June 30, 2023 Annual inflation fell in May to the slowest pace since April 2021, as Americans pulled back their spending, according to data released Friday by the Commerce Department. The personal consumption expenditures (PCE) price index, which is the Federal Reserve’s preferred way to track inflation, rose 3.8 percent annually […]
First-quarter economic growth was actually 2%, up from 1.3% first reported in major GDP revision
Jeff Cox The Hill June 29, 2023 The U.S. economy grew at a 2% annualized pace in the first quarter, according to a final revision to the figure released Thursday. That was well above the previous estimate of 1.3% and the 1.4% Dow Jones consensus forecast. Upward revisions in consumer spending and inventories boosted the […]
Goldman Sachs raises year-end S&P 500 target to 4,500, anticipating 5% upside
Darla Mercado CNBC June 9, 2023 Goldman Sachs is boosting its year-end target on the S&P 500 to 4,500, citing a broadening rally that goes beyond the largest tech names. The new target represents about 5% upside from current levels on the broad-market index and is an increase from Goldman’s previous target of 4,000. The firm is holding […]
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 […]