“Energy’s dominance should continue this year, and could be joined by materials and industrials, with technology showing most of its strength in the second half.”Newton’s base case: “Equity markets turn up sharply in the first quarter into mid-March, and pullbacks prove brief before further gains in a stair-stepping fashion to end the year up 15 per cent.
Newton’s second outcome points to a more modest rally. “Equity markets falter between March and June and then again in fall 2023 before rally back into year-end- a choppier sideways year albeit with rally into year-end helping returns.
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