Oppenheimer’s Stoltzfus Says US Stocks Are Likely to Dip Further

  • 📰 BNNBloomberg
  • ⏱ Reading Time:
  • 50 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 23%
  • Publisher: 50%

Business News News

Business Business Latest News,Business Business Headlines

The recent pullback in US stocks has further to go, according to Wall Street’s most bullish strategist.

“Bullishness is relatively high while the Fed remains shy of its inflation target,” said Oppenheimer & Co.’s chief investment strategist John Stoltzfus wrote in a note to clients. He said investors should curb their enthusiasm for a long rate pause or even a rate cut and instead “right-size expectations.”

Lingering concerns that a strong economy will prompt the US Federal Reserve to hold interest rates higher for longer has been weighing on stocks, with the US benchmark sliding 3% since a peak in late July. A buzz around artificial intelligence has been boosting the S&P 500 Index for most of this year, ignoring risks from rates and a potential economic slowdown.

Stoltzfus’ peers at Deutsche Bank AG also see a “modest extension of the current pullback.” Citing historical data, strategists including Parag Thatte and Bankim Chadha said modest equity pullbacks of 3%-5% typically occur every two to three months. Meanwhile, Goldman Sachs Gropup Inc. strategist David Kostin is more positive on the prospects of a soft landing of the US economy and sees the S&P 500 index climbing to 4,700 in the next 12 months. Morgan Stanley’s Michael Wilson disagrees, saying US stock investors are in for disappointment as economic growth is set to be weaker than expected this year.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 83. in BUSİNESS
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

The Big Bet on Luxury Stocks Stumbles on Inflation, China WoesProblems are stacking up for Europe’s hottest sector.
Source: BNNBloomberg - 🏆 83. / 50 Read more »

The Big Bet on Luxury Stocks Stumbles on Inflation, China Woes(Bloomberg) -- Problems are stacking up for Europe’s hottest sector.Most Read from BloombergBoss of Failed Crypto Exchange Gets 11,000-Year SentenceCalifornia Shows an Electric-Car Uprising Headed for the USEverything Apple Plans to Show on Sept. 12: iPhone 15, Watches, AirPodsUS, EU Agree on Mideast-India Rail and Shipping Corridor at G-20Ex-Google CEO Eric Schmidt Scraps $67.6 Million Purchase of Abandoned SuperyachtA warning from the chairman of Cartier-owner Richemont that stubborn inflation
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

China Eases Rules for Insurers Buying Stocks in Support MeasureChina will make it easier for insurance companies to invest in domestic stocks, the latest in a series of measures aimed at shoring up market sentiment.
Source: BNNBloomberg - 🏆 83. / 50 Read more »

Stocks Set for Cautious Open; Yen Advances on Ueda: Markets WrapAsian equities may struggle to find traction Monday in a cautious open to trading around the region, while in currency markets the yen was on the front foot following potentially hawkish remarks for the Bank of Japan governor.
Source: BNNBloomberg - 🏆 83. / 50 Read more »

Stocks Set for Cautious Open; Yen Advances on Ueda: Markets Wrap(Bloomberg) -- Asian equities may struggle to find traction Monday in a cautious open to trading around the region, while in currency markets the yen was on the front foot following potentially hawkish remarks for the Bank of Japan governor.Most Read from BloombergTrudeau Is Stuck in India With Faulty Aircraft After Hearing Criticism From ModiIndia’s G-20 Win Shows US Learning How to Counter China RiseMeloni Tells China That Italy Plans to Exit Belt and RoadBoss of Failed Crypto Exchange Gets 11
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Marketmind: China's weak property stocks set the paceA look at the day ahead in European and global markets from Kevin Buckland A light calendar for Europe today means markets are likely to take their cues ...
Source: SaltWire Network - 🏆 45. / 63 Read more »