hold near their record highs achieved last weekMiller Tabak Managing Director and Chief Market Strategist Matt Maley says that the market rally signals that"investors aren't all that confident about anything outside of the AI phenomenon. And we haven't seen the big broadening out of earnings outside of the AI phenomenon."has indicated optimism about potential interest rate cuts, stating that one cut in December is"reasonable.
Setting a promising path for inflation and momentum surrounding the A I trade plus the great rate debate. According to the latest report from China's National Bureau of Statistics, the data also showing investment in the housing sector for the first five months of the year fell more than 10% during the last year.Let's get right to our top story this morning.
And the other key thing that has been at work here has been earnings revisions have not been revised down by nearly as much as they normally are.You're looking at five names that have seen about 38% growth in their, in their earnings estimates.We know those estimates usually come lower. This is not to say that history is a definite indicator and we're gonna get the 600 days of the S and P 500 trading above a 420 pe but I did think that's a fruitful reminder that just because things are expensive, doesn't mean that we're gonna just fall off a cliff can trade at these levels for a while.It really depends on if we deliver.
If that's where you think we're headed, there's there's more to come in that aspect, higher for longer, maybe higher, higher, higher evaluations for longer evaluations for longer a great new phrase from Josh Shafer.Speaking of the Federal Reserve Minneapolis Fed Reserve President Neil Kashkari, now saying it's reasonable to predict a December rate cut.
the markets really still, you know, felt positive about, you know, the prospect of, you know, any cuts at all.So I don't see a lot more exuberance once the fed starts to actually cut.We're not expecting a major pullback or anything like that. So, you know, thinking in particular of kind of the infrastructure that's needed to maintain A I and as that is adopted broader across various industries, we think that that could actually be beneficial across more than just the tech sector.
Some of the weakness there and maybe what ultimately is going to be needed in order to prop up the economy, maybe in the longer term, it's so critical, particularly because the government has already been pushing a lot of stimulus into the housing sector to the tune of $350 billion.
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