Investors are growing increasingly pessimistic about the stock market. But one Wall Street veteran believes that’s a reason to start buying.
Fed’s tightening cycle is nearly done While the central bank and its chairman, Jerome Powell, have kept the door open for further interest-rate raises after lifting borrowing costs at the fastest pace since the 1980s, Adam said he suspects that the Fed’s tightening cycle likely ended with its previous rate hike in July.
Lower interest rates support stocks Rising Treasury yields have been perhaps the biggest bugbear for stocks recently. Market isn’t appreciating strong earnings The lengthy earnings recession for U.S. companies is expected to have come to an end during the third quarter. According to FactSet, S&P 500 members are on track to see earnings grow roughly 2% from the same period last year following three consecutive quarters of year-over-year contraction.
Seasonal trends look favorable September is, on average, the worst month for S&P 500 returns. Things tend to turn around after the market typically bottoms in mid-October, with the rebound typically continuing during November and December.
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