Several large investment firms are writing off a recession in the US in 2024 as growth holds up and inflation steadily declines, but T. Rowe Price thinks that optimism may be misplaced.
While T. Rowe Price doesn't have an official call on the economy, the brightest minds at the $1.4 trillion Baltimore-based firm urged investors to be cautious at a mid-November conference.
However, T. Rowe Price is skeptical that the Fed will end its fight against inflation anytime soon.
T. Rowe Price found that through October, those names rose 53.2% compared to a 1.2% year-to-date return for the other 493 companies in the S&P 500.
Dom Rizzo, a portfolio manager of global technology equity strategy at T. Rowe Price, agreed that the Magnificent 7's momentum won't stop just because the group is pricey.
Persons:
Rowe Price, Goldman Sachs, Goldman, Jan Hatzius, Rowe Price doesn't, We're, Tim Murray, Rowe Price's, Murray, We've, Rowe, Uruci, he's, it's, Tesla, let's, Dom Rizzo, Rizzo, septet, Santa, He's
Organizations:
Citi, UBS Global Wealth Management, Business, Federal Reserve, Apple, Microsoft, Nvidia, Meta, AMD
Locations:
Baltimore, Santa Clara