Stock market rally broadening 'could take a breather over the next few weeks'

delivered historic returns in the third quarter, but seasonality “looks bumpy for the broadening trade” over the coming few months, according to Barclays strategists.

First, SPX and SPW could receive a boost from the upcoming earnings season, as estimates have been significantly revised down, particularly in non-Tech sectors. "All in, we think it's possible that the broadening trade takes a breather over the next month or so, before fundamentals and thematic positioning bring buyers back to the table closer to the end of the year," the strategists noted.

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