Why one strategist is underweight US stocks

Some on Wall Street are hoping that a Federal Reserve rate cut in September will spur a market rally. Insigneo chief investment officer Ahmed Riesgo doesn't think that will be the case.

So do you think that once we get past the fed that the market will be able to more sustainably rally?We think we've seen the highs for the market for the year. I mean, some parts of it might not even feel like a recession, but even in the case of a mild recession, we find it tough for uh the stock market to remain at these levels because even minor earnings revisions are going to put some weight down on the index.

We think there's a good chance that around the time that the FED actually does start cutting rates, uh You could see the market materially drift lower.We especially like the utility sector.Like I said, we, we, we, we did these rotations back in July.

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