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Consumer expectations for stocks hit three-year high in May

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Bank Of America News

S&P 500,Consumer Expectations,New York Fed

Consumer expectations for stocks hit a three-year high amid a roaring rally on Wall Street to start 2024.

from the Federal Reserve Bank of New York showed the mean perceived probability that stocks will be higher in the next 12 months rose to 40.5% in May, up from 38.7% in April.

But in a research note on Monday, Bank of America head of US equity and quantitative strategy Savita Subramanian noted that sentiment is "not euphoric." Bank of America's Sell Side Indicator, which tracks Wall Street strategists' recommended allocation to stocks, rose to 55.3% in May, which the bank notes is still "neutral." A reading of 58% or higher would usually be a sell signal.

NEW YORK, NEW YORK - NOVEMBER 24: A man sits on the Wall street bull near the New York Stock Exchange on November 24, 2020 in New York City. Warren Buffett Dumps Housing Stocks: It’s Time To Rethink Your Portfolio, Too

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