-- Traders should brace for a significant pullback in the stock market as uncertainty swirls around the US presidential campaign, corporate earnings and Federal Reserve policy, according to Morgan Stanley’s Mike Wilson.Hedge Funds That Piled Into Big Tesla Short Stung by Rally“I think the chance of a 10% correction is highly likely sometime between now and the election,” Wilson said in an interview with Bloomberg Television Monday. The third quarter is “going to be choppy.
Bearish views have become dangerous for equity strategists, as US stocks keep setting records. The relentless rally has already claimed one of the Street’s most prominent skeptics, as Marko Kolanovic departed from JPMorgan last week. Wilson and his team continue to recommend high-quality growth names, and quality in general: large-caps, companies with good balance sheets, and those that can deliver on earnings. Momentum will continue, but the problem is it’s hard to find shares in those categories that are cheap, he said.--With assistance from Sonali Basak, Katie Greifeld and Matthew Miller.
The amount Hindenburg Research made from its short-seller report on Adani Group pales in comparison to the market value it erased.The farm-equipment manufacturer will lay off about 600 employees across three US factories as it shifts production to a newly planned facility in Ramos, Mexico.Barron’s found seven candidates—that aren’t the six tech giants—that have improving Wall Street sentiment, increasing earnings estimates, and haven’t substantially outperformed the market.
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