Nasdaq Rebound to be Short-Lived, Bet on Value Stocks Instead - Jeremy Siegel
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The US economy is entering a “hot phase” and investors should prepare accordingly, Wharton School finance professor Jeremy Siegel told CNBC.
The backdrop is supporting the reopening trade and Big Tech and growth stocks may suffer. Siegel, a known market bull, says he is still bullish on stocks and the market “has a way to go up.” He earlier predicted that Dow will hit 35,000 in 2021.
“I don’t think they’re going to do badly. We’re not going to have a crash like we had 20 years ago at all. But I think the outperformers are going to be basically non-tech over the next six to 12 months.”
“The so-called value stocks are going to be sought out for their yield because I think interest rates are still going to be headed much higher here on the long bond. I don’t think we’re done with this rise in these long-term interest rates,” Siegel stressed.
Nasdaq soared 3.6% on Tuesday to record its best day since November.
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