Stocks have rallied hard so far this year. But the impressive returns have also made some investors nervous about the market's ability to hold on to the gains for the rest of 2023.
Pro surveyed 15 market strategists at investment banks and asset managers between July 3-7, asking them to lay out what they expect from stock markets in the second half of this year. The respondents also shared their views on how investors should be positioned and the most significant market risks. We also see the Fed holding rates throughout 2024, contrary to market pricing of multiple rate cuts, creating headwinds for equities.
Pro expect the stock market to decline in the second half from current levels. While some said a correction, or a 10% decline, is possible, none foresee a bear market. ... reduce your equity exposure so that you have some buying power in a drawdown and don't be heroic. The front of the yield curve is a bit of a gift at 5%.
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