Manhattan --
“In our view, this does not offer support for a broad cyclical rotation,” Wilson said, adding that the market was “also potentially focused on the notion that falling inflation may prove to be a headwind for cyclicals, which are highly dependent on pricing power.” A Citigroup Inc. basket shows earnings downgrades have broadly outnumbered upgrades since late June. Meanwhile, cyclical stocks in the S&P 500 have underperformed the relatively safer defensive sectors since April.
“For now, we continue to think the better risk/reward within small caps is growth equities, which should benefit from a cost of capital standpoint as the Fed cuts” rates, Wilson said.
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