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- Wall Street ends lower as solid jobs data fuels hawkish Fed bets
- US nonfarm payrolls blow past expectations in August; unemployment rate steady at 4.1%
- BofA's Hartnett says stay long commodities and gold as 'policy panic' works
- Oil ends week higher on renewed US-Iran strikes, diesel hits record
- TikTok owner ByteDance said to secure $29.6bn loan for AI push
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Rate cuts plus soft landing should see bank stocks outperform, says Wells Fargo
August 29, 2024 10:02 AM EDTWells Fargo analysts believe that bank stocks are poised to outperform in the event of a soft landing combined with anticipated rate cuts, according to a recent note.
In a note to clients on Thursday, the firm emphasizes that historically, rate cuts without a recession have been favorable for bank stocks, particularly in the short term.
"Rate cuts with no recession (1995, 1998, 2019) result in bank stocks rallying," Wells Fargo wrote.
They observed that... More
