History shows stocks 'almost always' suffer from strong dollar - JPMorgan
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Analyst who correctly predicted stock market rally earlier this year now says S&P 500 won't exceed 4400 until 2Q24
October 23, 2023 12:23 PM EDTStifel strategist Barry Bannister, who accurately predicted the rally in the first half of this year, believes that U.S. stocks reached their peak in the summer and are unlikely to surpass the mid-4,000s until at least April 2024.
It is not Fed high for longer, but rather the... More
Dow Jones, Nasdaq, S&P 500 weekly preview: Testing key support ahead of Big Tech earnings
October 23, 2023 8:22 AM EDTAt the start of the new trading week, major technology stocks are falling, also driving the U.S. equity futures lower, as the 10-year Treasury yield crossed 5% for the first time in 16 years.
The new wave of selling comes after the S&P 500 (SPX) lost as much as 2.4% last week. The index is now testing the key near-term support in the range of 4180-4200. A break of this zone would mark a major bearish development that could take the S&P 500 below 4000 in the coming months.
The forward 12-month P/E ratio for the S&P 500 now... More
2024 EPS expectations 'too high' says Morgan Stanley's Wilson
October 23, 2023 6:48 AM EDTU.S. equities may face sustained pressure through year-end, as per Morgan Stanley strategists.
Equity strategist Michael Wilson and his colleagues point out that earnings estimates for the fourth quarter of 2023 and 2024 are likely overly optimistic. In addition, they anticipate the effects of policy tightening to manifest... More
S&P 500 tests 4200 as 10-year Treasury yield exceeds 5%
October 23, 2023 6:20 AM EDTThe yield on the 10-year U.S. Treasury note climbed above 5.0% on Monday, reaching a level last seen in July 2007.
Rising bond yields are a result of investors pricing in expectations of robust U.S. economic growth and concerns about fiscal challenges.
The surge in yields at the long end... More
