Investors should buy into financials as the Federal Reserve embarks on interest rate cuts, according to Wolfe Research chief investment strategist Chris Senyek. More upward pressure on longer-term yields will benefit financial stocks, per Senyek. "We're telling investors you want to be overweight financials," Senyek said on CNBC's "Squawk on the Street" on Monday. The sector is a "stealth bull market underneath the surface," he added.
With the exception of Nvidia and Meta Platforms , Goldman Sachs has notched more gains than the 7-stock group. GS .SPX YTD mountain Goldman Sachs versus the S & P 500 in 2024 "We'd be buying financials, right here and right now, into a steeper yield curve," said Senyek. A steeper yield curve means long-term rates exceed short-term rates, a friendlier environment for banks' lending margins.
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