Stocks rally like it’s ‘mission accomplished’ --- but some investors are urging caution as Nasdaq enters bull market

“The market has kind of gone back to sleep” in appearing to think, “all right, mission accomplished, inflation’s in the bag, the Fed can back off,” said Sameer Samana, a senior global market strategist at Wells Fargo Investment Institute, in a phone interview Wednesday. “We think it’s much too premature.

Investors should remain defensive, according to Samana, who said that Wells Fargo likes healthcare and is overweight the sector while recently upgrading consumer staples and utilities to neutral. He expects a recession to start in the second half of this year, although “we don’t think equity markets are reflecting that.”Wells Fargo Investment Institute also likes energy and technology, said Samana.

Core CPI, which excludes food and energy, rose 0.3% in July, slowing from a 0.7% increase in inflation in June. Economists polled by The Wall Street Journal had forecast that the consumer-price index increased 0.2% in July and that core inflation rose 0.5%. Catrambone said he worries that “the market is ignoring” how much work the Fed says it has yet to do in bringing down inflation by raising its benchmark interest rate.

Investors “should be focusing on profitable tech, quality within the tech sector,” suggested Catrambone. “I think that’s too cute by half,” Chiavarone said. “I think all of this is going to take longer” to play out.

2000 and 2008 both had rallies of 23%. It takes strong rallies to trap the bulls during bear markets.

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