“Some argue the next leg up for the market will be supported by laggards leading in 2H23. economy wanes and the Fed prepares to jack up borrowing costs with two more 25 basis point hikes this year, according to projections released by the central bank last week. This means that instead of trailing big tech higher, these stocks could instead turn lower as the strength of the U.S. While bulls have latched on to signs that the rally is already broadening, a trend they expect will continue, the JPM team argued that the sectors that have underperformed also tend to be more sensitive to interest rates and economic conditions. equity market, in the red for the year, the team said. First, these high-quality technology names are outperforming value stocks by more than 6%, leaving more than half of the constituents in the Russell 3000, an index that aims to represent the entire U.S.
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