This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribedowngraded GQG to"neutral" from"buy" on Friday. GQG told CNBC that over 90% of client assets are invested in issuers unrelated to Adani.
The presidential elections concluded with Donald Trump definitively securing the top seat in the White House. That erased any uncertainty, which investors hate. Also, Trumpfor the third quarter. Even though gross domestic product is forecast to be 1.31% in the fourth quarter, according to theSlowing growth even has a silver lining. It gives the U.S. Federal Reserve more incentive to cut rates a second time this year at its December meeting, which would stimulate economic activity.
"As we head into December, it's really hard to fade this bull market here, with all the things going right," said Ross Mayfield, investment strategist at Baird Private Wealth Management. Indeed, U.S. stocks are stocks"in the throes of a powerful yearend surge," according to Rich Ross, Evercore ISI's chartered market technician. That's because short sellers, who had bet against the market, are forced to buy stocks to cover their positions as the year ends.
The flurry of purchases, in turn, could push the S&P 500 up to 6,300, Ross added. That implies a 5% upside for December and a 32.1% surge for the whole of 2024 — beating the 24.2% jump the S&P scored in 2023.November was a month to remember for stocks
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