Wells Fargo analysts are urging investors to be selective in their equity investments, advising them to"buy stocks, not the stock market." faces a slight downturn, with the index down 0.5% for the week but still up 12% year-to-date. Despite a 3% selloff on Monday, market sentiment improved as decent jobless claims data helped counter fears of a hard-landing recession.
They maintain a year-end SPX target of 5535, implying a modest 4% upside from current levels. However, they are not advising a broad-based dip-buying strategy at this time, due to this week's events and ongoing uncertainties.
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