There's an old Wall Street phrase, "news follows the tape." It means that stock price movements often occur before news is widely known. That's been happening to stocks. The S & P 500 has been drifting lower for a week. It's been drifting lower on valuation concerns, concerns on potentially fewer rate cuts, stickier bond yields, and concerns about President-elect Donald Trump's tariffs and potential appointments.
Pity the Wall Street strategists Pity the poor Wall Street strategists who are now writing their 2025 outlooks. They have an impossible job. In a normal year, most strategists are comically wrong in their outlook, because it is impossible to estimate where the market is going to be a year from now. There are simply too many variables. This year is not normal.
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