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As a result, investing in equal-weighted ETFs that provide a more diversified approach and offer exposure to old economy-linked sectors such as energy and manufacturing are coming back in favor as investors look to broaden their exposure beyond Big Tech. Laura Cooper of BlackRock said the company's "highest conviction call" in the United States is the S&P 500 equal-weight. The $42-billion Invesco S&P 500 equal-weighted ETF , which mirrors the performance of the S&P 500 equal-weight index (.SPXEW), saw inflows of $8.80 billion from the beginning of June through Aug. 25, according to Refinitiv Lipper data. In comparison, the much larger $402-billion SPDR S&P 500 ETF Trust , which tracks moves in the market cap weighted S&P 500 (.SPX), bled $10.88 billion during the same period. Invesco S&P 500 equal-weighted ETF drew $4.85 billion inflows in June, the most since the fund was launched in 2003, followed by $3.53 billion in July, the second highest on record.

Persons: Brendan McDermid, Laura Cooper, BlackRock, Cooper, Dan Boardman, Jake Dollarhide, BlackRock's Cooper, Sruthi Shankar, Medha Singh, Sweta Singh, Shounak Organizations: New York Stock Exchange, REUTERS, U.S . Federal, Big Tech, iShares EMEA, BlackRock, Trust, BRI Wealth Management, Apple, Microsoft, Nvidia, Google, Facebook, Meta, Nasdaq, Longbow Asset Management Company, Thomson Locations: New York City, U.S, United States, Weston, Bengaluru

☆ Factbox: Analysts guarded as AI-driven US stock rally faces earnings test
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +4 min

Strategists expect profit at S&P 500 (.SPX) companies to have dropped 6.4% in the second quarter from a year earlier, according to Refinitiv data. Morgan Stanley:Much of the stock market rally this year has been driven by a price-to-earnings expansion, signaling investors likely remain unconcerned about near-term earnings pressure. Still, "better-than-feared" earnings are not going to be good enough in Q2 considering stocks have become more expensive, the strategists say. Goldman Sachs:Companies will likely be able to beat or surpass "the low bar" set for the second quarter. This suggests a "muted market reaction" to Q2 earnings is likely, given robust gains in stocks since the first quarter and an "overweight" equity positioning, the bank says.

Persons: Mike Segar, Morgan Stanley, Goldman Sachs, Laura Cooper, Cooper, Scott Wren, Amruta Khandekar, Shreyashi Sanyal, Sriraj Organizations: Citibank, REUTERS, Nasdaq, Companies, GS, Nvidia, iShares EMEA, BlackRock, Deutsche Bank, Investors, Wells, Wells Fargo Investment Institute, Citigroup, Thomson Locations: New York , New York, U.S, BlackRock, Wells Fargo, Bengaluru

The bullish view Just four of the 15 strategists expect the S & P 500 to end the year higher than current levels, albeit very slightly. He expects the S & P 500 to end the year at 4,500 — up 2.3% from its current level. Instead, Peng said the S & P 500 's performance will likely broaden over the second half of this year. She expects the S & P 500 to remain flat by the end of the year at 4,300. UBS expects the S & P 500 to end the year at 4,100 — a drop of 7% from current levels.

Persons: Stocks, BlackRock Karim Chedid, Jerome Powell, Karim Chedid, Chedid, Chadha, Charles Schwab Liz Ann Sonders, Ken Peng, Peng, Savita Subramanian, Andreas Bruckner, Liz Ann Sonders, Charles Schwab, Matt Rowe, Mark Haefele, Christian Abuide, Sameer Samana, Rowe, Wouter Sturkenboom, Sturkenboom Organizations: CNBC Pro, Investment, iShares EMEA, BlackRock, Reserve, Deutsche Bank, Citi Global Wealth Investments, Big Tech, Bank of, Equity, Nomura, UBS Global Wealth Management, Federal Reserve, UBS, Lombard, RBC Wealth Management, U.S, Global Market, Wells, Wells Fargo Investment, Nomura Private Capital, EMEA, APAC, Northern Trust, Wells Fargo Investment Institute Locations: U.S, Asia, Europe, Wells Fargo, Northern, Samana

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