was also up around 0.8% in the wake of a downbeat week driven by mixed results for Big Tech earnings.
With a GM deal likely in place, the next steps will include the UAW’s GM national committee voting on approving the agreement, before submitting the deal to a full member vote.The S&P 500's recent nose dive has stock market bulls feeling skittish about if stocks can regain their 2023 mojo. On Aug. 1 Stoltzfus boosted his year-end price target to 4900 from 4400, citing a stronger than expected US economy. That narrative has largely played out with the labor market still remaining tight and the US recently posted its best annualized growth for a quarter in nearly two years.
Stoltzfus noted that the recent move lower in stocks isn't out of the ordinary for a Fed hiking cycle and the turbulence caused by increased tensions in the Middle East also aren't unusual. He thinks valuations are nearing attractive levels again, and for now the strong economy story remains a tailwind for equities.) shares were up about 1% on Monday after the fast food giant reported third quarter earnings that beat expectations as higher menu prices boosted sales growth.
CEO and President Chris Kempczinski said the results demonstrate the company's"strength as the industry leader" in the release.
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