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☆ Bank stocks could be the hot year-end trade if peak rates prove a 'mini clearing event'
▼ + stars: | 2023-11-07 | by ( Sarah Min | ) www.cnbc.com time to read: +3 min

It's time to pick positions in bank stocks heading into year end as peak rates could be a "mini clearing event" for the sector, according to Bank of America. "While we are careful to not [get] carried away, peak interest rates do have potential to serve as a mini clearing event for bank stocks," BofA's Ebrahim Poonawala wrote in a Sunday note. Regional banks are down by 27% this year, and have continued to face intense scrutiny due to their exposure to commercial real estate. "Best case, peak rates could mark near term bottom in bank stocks vs. S & P." To be sure, there remain issues in the sector. Bank stocks are highly tied to the broader economy and their loans could take a hit if the U.S. falls into a recession.

Persons: BofA's Ebrahim Poonawala, JPMorgan Chase, KRE, Poonawala, NIM, it's, Bryn Talkington, Talkington, Morgan Stanley, Bill Gross, Gross Organizations: Bank of America, Bank, Citigroup, JPMorgan, Regional Banking, P Bank, Federal Reserve, Capital Management, West Bancorp, Truist Financial, Citizens, Apple Locations: Wells Fargo, U.S

☆ Qraft rolls out latest AI-driven ETF with South Korea's LG
▼ + stars: | 2023-11-07 | by ( Suzanne Mcgee | ) www.reuters.com time to read: +2 min

Nov 7 (Reuters) - Qraft Technologies on Tuesday launched its fifth exchange-traded fund (ETF) that relies on artificial intelligence to select holdings, continuing its expansion of the niche AI ETF market. The LG Qraft AI-Powered U.S. Large-Cap Core ETF will combine Qraft's existing AI models with additional AI-powered forecasting tools developed by LG (003550.KS), the South Korean electronics conglomerate. LG AI Research, a division of LG, has been applying artificial intelligence to everything from supply and demand forecasting to raw materials purchasing decisions. Qraft is a financial technology firm based in Seoul, South Korea that has developed and launched a suite of AI-powered ETFs traded on U.S. exchanges. LG AI Research's 260-person engineering team adds large language modeling tools, he said, referring to artificial intelligence tools that are trained to recognize, understand and analyze text.

Persons: Francis Oh, Suzanne McGee, Michelle Price, Rod Nickel Organizations: Technologies, LG, Research, Asia Pacific, Morningstar Direct, Management, Thomson Locations: Seoul, South Korea

☆ Hedge funds pile into US stock rally at fastest pace in 2 years - Goldman Sachs
▼ + stars: | 2023-11-06 | by ( Nell Mackenzie | ) www.reuters.com time to read: +2 min

A screen displays the trading information for Goldman Sachs on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., October 17, 2022. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsLONDON, Nov 6 (Reuters) - Hedge funds last week "aggressively" bought U.S. stocks at the fastest pace in two years, said a Goldman Sachs note (GS.N), with traders jumping into a stock rally fuelled by hopes that the U.S. central bank rate pause might stick. Many got tangled up trying to flee crowded trades which became losing positions, Goldman Sachs (GS.N) said in that note. Hedge fund long positions in information technology stocks reached the largest in eight months, said Goldman Sachs. The largest hedge fund buying centered on North America, while Europe and Asia apart from Japan which were subject to the net short positions, said Goldman Sachs.

Persons: Goldman Sachs, Brendan McDermid, Morgan Stanley, Nell Mackenzie, Dhara Ranasinghe, David Evans Organizations: New York Stock Exchange, REUTERS, Nasdaq, nab, Thomson Locations: New York City, U.S, North America, Europe, Asia, Japan, China

The best money advice is usually boring and unsexy, which explains why no one wants to hear it. The best money advice is decidedly unsexy. Although the purpose of an HSA is to save money for inevitable healthcare expenses, you can just as easily use your HSA as an investing tool. Also, if you leave your HSA money in your account until age 65, you can withdraw your HSA funds for non-medical expenses at any point. The person who started investing at 25 will have roughly $162,000 in their account, while the person who started at 35 will only have $89,000.

Persons: Rachel Wooten, maxing, —, Wooten, you'll, doesn't, stashed Organizations: Service, CPA, Flint Group

☆ Restaurant stocks McDonald's and Chipotle could be due for a pullback after the market's rally this week
▼ + stars: | 2023-11-03 | by ( Hakyung Kim | ) www.cnbc.com time to read: +4 min

The stock market is enjoying its best week of 2023, but some names may have gotten ahead of themselves. That said, some stocks have become overbought during this week's rally — and could be due for a pullback. MCD YTD mountain McDonald's stock Beverage company Coca-Cola was another one of the several consumer names on this week's overbought list. Here are the 10 most oversold names in the broad market index: Several health-care companies were among this week's most oversold stocks. SEDG 1D mountain SolarEdge shares Revvity, Henry Schein, Align Technology and Fortive are some of the other oversold names from this week.

Persons: McDonald, Kraft Heinz, Amgen, David Palmer, CNBC's, Dr Pepper, SolarEdge, Zvi Lando, Henry Schein Organizations: Dow Jones, Nasdaq, PayPal, Pfizer, CNBC, Beverage, PepsiCo, Monster Beverage, Grill, Darden, Moderna, Enphase Energy, SolarEdge Technologies, Technology Locations: U.S, Europe

Despite a bleak month in October for the stock market, there may be some good news in store for at least four stocks in the Dow Jones Industrial Average . All three major market indexes are in the red this month, with the Dow off by 1.5% since the end of September. But investors may find some relief heading into the year end, since historically November has been a strong month for stocks. Analysts surveyed by LSEG have an average rating of hold on Caterpillar. Based on a consensus price target of $288, Caterpillar offers some 27% upside according to analyst estimates.

Persons: Dow, LSEG, Max, — CNBC's Christopher Hayes Organizations: Dow Jones, Stock, Dow, CNBC, Caterpillar, Analysts, LSEG, Boeing, Max . Insurance, UBS

☆ Morgan Stanley's strategist Wilson says don't expect a fourth-quarter rally, S&P to end the year at this level
▼ + stars: | 2023-10-30 | by ( Hakyung Kim | ) www.cnbc.com time to read: +2 min

The likelihood of a fourth-quarter rally has "fallen considerably" over the past month, according to Morgan Stanley chief U.S. equity strategist Mike Wilson. Wilson has been forecasting the S & P 500 ending the year at 3,900, making him among the most bearish strategists on Wall Street according to CNBC's Market Strategist Survey. This is one reason why market breadth continues to exhibit notable weakness," Wilson said. Further support for that view can be seen in earnings revision breadth, which is breaking sharply lower again into negative territory," Wilson continued. Conversely, several defensive sectors have begun to outperform alongside energy, which Wilson said supports his "late cycle" view and defensive growth strategy.

Persons: Morgan Stanley, Mike Wilson, Wilson Organizations: Survey, Federal

Passersby walk past an electric monitor displaying the Japanese yen exchange rate against the U.S. dollar outside a brokerage in Tokyo, Japan October 4, 2023. REUTERS/Issei Kato/File photo Acquire Licensing RightsOct 30 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. Asian markets on Monday will also give their initial reaction to news over the weekend of an expected U.S.-Sino summit between presidents Joe Biden and Xi Jinping next month. But the MSCI emerging market index and Asia ex-Japan index's falls of around 0.6% last week were notably shallower than the MSCI Work index's 2% slide. China's recent economic and market signals, at least, are brightening a little.

Persons: Issei Kato, Jamie McGeever, Joe Biden, Xi Jinping, Japan index's, Bond, JGBs, Diane Craft Organizations: U.S, REUTERS, Tech, Investors, Tuesday's Bank of Japan, Bank of, Thomson, Reuters Locations: Tokyo, Japan, Malaysia, Asia, South Korea, Indonesia, Vietnam, Taiwan, Hong Kong, U.S, Australia, Bank of Japan, Germany

I wanted to save more for retirement but needed $3,000 to invest in my chosen index fund, VTSAX. To save that money in two months, I started by selling items online and looking for windfalls. I sold stuff onlineWhenever I need extra money super quickly, I often turn to selling used items online. I saved my windfallsWindfalls are basically extra money, but I rarely ever just spend the unexpected cash without a strategy. Two months really flies by, and while $3,000 isn't a small amount to fork over, it was a nice start to help diversify my retirement savings.

Persons: —, Read, it's Organizations: Service, Vanguard, Market Index, Facebook Locations: VTSAX

☆ Exclusive: Vietnam eyes China model to seek index upgrade, boost investment
▼ + stars: | 2023-10-25 | by ( Francesco Guarascio | Thomson Reuters | Francesco Leads A Team Of Reporters In Vietnam That Covers Top Financial | ) www.reuters.com time to read: +4 min

An investor sits in front of screens showing stock board information at a securities company in Hanoi, Vietnam July 6, 2018. That prevents many funds, investors and family offices from investing in companies listed there. MULTI-MILLION-DOLLAR PIEUnder the new plan, Vietnam would adopt a mechanism to settle payments on shares transactions that could meet the key requirement from FTSE for the upgrade. Active funds are estimated to have five times more investments in the FTSE emerging market, which could lead to far bigger gains for the HCMC market, which has currently a $179 billion capitalisation. Foreign investors need also to be consulted.

Persons: Le Thi Le Hang, Francesco Guarascio @fraguarascio, Lincoln Organizations: REUTERS, FTSE, Chi Minh City Stock Exchange, The bourse, State Securities Commission, Vietnam, Thomson Locations: Hanoi, Vietnam, China HANOI, China, Chi Minh, The, Indonesia, Philippines, Qatar, Sri Lanka, Kenya

REUTERS/Issei Kato Acquire Licensing RightsOct 24 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. September's PMIs showed that manufacturing activity in Japan and Australia shrank and services sector activity grew, although growth in Japan was the slowest this year. The big picture, however, is still dominated by the ebb and flow of the U.S. Treasuries market. And while a broad easing of financial conditions on Monday - lower Treasury yields and a weaker dollar - should support emerging market assets, Wall Street's late downward drift will warrant caution. The MSCI Asia ex-Japan and MSCI global emerging market indexes are both down around 13% over the past three months and on Monday both hit their lowest level since Nov. 11 last year.

Persons: Issei Kato, Jamie McGeever, bode, Michele Bullock, September's PMIs, Wall, Goldman Sachs, outflows, Goldman, Josie Kao Organizations: REUTERS, Reserve Bank of Australia, Nasdaq, Bank of Japan, PMI, Thomson, Reuters Locations: Tokyo, Japan, U.S, Korean, Australia, Asia, China, South Korea

REUTERS/Lucy Nicholson/File Photo Acquire Licensing RightsOct 20 (Reuters) - Credit card giant American Express (AXP.N) on Friday reported third-quarter profit that beat expectations, helped by resilient spending from its wealthy customers who shrugged off concerns about an economic downturn. AmEx reported a profit of $3.30 per share, up from $2.47 per share a year earlier. On average, analysts had expected a profit of $2.94 per share, according to LSEG IBES data. "Travel and Entertainment (T&E) spending remained robust... Restaurant spending was again one of our fastest-growing T&E categories," CEO Stephen Squeri said in a statement.

Persons: Lucy Nicholson, AmEx, “, Christophe Le Caillec, Gen Zs, Stephen Squeri, Niket Nishant, Pooja Desai Organizations: Dow Jones Industrial, American Express, REUTERS, American, Entertainment, Consolidated, Thomson Locations: Los Angeles , California, United States, Bengaluru

☆ 3 young millionaires share the one index fund they'd invest in — plus the early mistake that could cost investors six figures in their retirement funds
▼ + stars: | 2023-10-19 | by ( Laila Maidan | ) www.businessinsider.com time to read: +5 min

People often turn to index funds or exchange-traded funds to simplify investing while getting exposure to diverse assets. According to an expense ratio calculator, the same setup would cost $8,278 with an expense ratio of 0.04%. It was money he would decide to scatter across nine index funds to diversify his portfolio. In 2019, he started the Personal Finance Club, which offers free and paid content about index fund investing. She sticks to one fund: the Vanguard 500 Index Fund ETF (VOO), which tracks the S&P 500 and is rebalanced quarterly to include the top 500 domestic companies.

Persons: Michael Quan, Quan, Jeremy Schneider, Treasuries, Schneider, Vivian Tu, she's, Rich, Tu Organizations: Investment Company Institute, Vanguard FTSE, Market, Fund, Finance Club, Fidelity, Street, JPMorgan Locations: Canada, Europe, Japan, New York City

☆ S&P 500 to mount 'relief rally' to new record before year-end, says Piper Sandler chart analyst
▼ + stars: | 2023-10-19 | by ( Pia Singh | ) www.cnbc.com time to read: +2 min

Piper Sandler is bullish on the strength of the S & P 500 , calling for the broad-market index to end the year at 4,825 — a nearly 12% rally from Wednesday's close — even as high Treasury yields have dented stocks. Markets are facing a broad array of hurdles, including ongoing economic headwinds, inflation worries and increased turmoil as tensions build in the Middle East. Underlying signs of improvement Johnson noted increased strength from earnings this week and a better-than-expected retail sales report . In particular, stocks of financial companies and names in the consumer discretionary space have perked up, he said. The recent runup in Treasury yields has slowed the advance of equities, Johnson noted.

Persons: Piper Sandler, Craig Johnson, Johnson, Goldman Sachs, Russell, advancers, decliners, — CNBC's Michael Bloom Organizations: Treasury, Bank of America, New York Stock Exchange, Nasdaq Locations: Wednesday's

The report reflects the uneasy state of new construction, with builders facing the strain of high mortgage rates and increased costs for building materials. “To keep buyers interested, many builders have been offering upgrades or buying down mortgage rates, but rising home prices coupled with mortgage rates approaching 8% means there will be fewer buyers in the market to entice,” Bright MLS Chief Economist Lisa Sturtevant said. It is the week’s second report on the state of the new housing market. On Tuesday, the National Association of Home Builders/Wells Fargo Housing Market Index revealed that builder confidence fell for the third consecutive month in October. "Today’s September housing starts report reflects the fragility of the real estate market,” said Travis Hodges, managing director at insurance broker VIU by HUB.

Persons: “, ”, Lisa Sturtevant, Alicia Huey, Travis Hodges Organizations: Census Bureau, Department of Housing, Urban Development, MLS, National Association of Home Builders, National Association of Realtors Locations: Wells Fargo, Birmingham , Alabama, Florida, California

☆ Homebuilder sentiment drops to 10-month low, as mortgage rates soar
▼ + stars: | 2023-10-17 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Builder confidence in the market for single-family homes dropped to the lowest level since January, as builders contend with a market dominated by high mortgage rates and costs for financing. The monthly National Association of Home Builders/Wells Fargo Housing Market Index dropped 4 points to 40 in October, and September's read was revised down 1 point. Builders point squarely to mortgage rates, which are now at a 23-year high. Regionally, on a three-month moving average, builder sentiment in the Northeast fell 4 points to 50 and in the Midwest dropped 3 points to 39. In the South it fell 5 points to 49, and in the West it fell 6 points to 41.

Persons: September's, Alicia Huey, Robert Dietz, NAHB's Organizations: National Association of Home Builders, Builders, Midwest, CNBC Locations: Wells Fargo, Birmingham , Alabama, West

☆ Homebuilder confidence drops to the lowest in 10 months as high mortgage rates freeze the housing market
▼ + stars: | 2023-10-17 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

Stubbornly high mortgage rates have taken a toll on builder sentiment, the group said. AdvertisementAdvertisementHomebuilder confidence just plunged to its lowest mark in 10 months, the National Association of Home Builders announced on Tuesday. The group cited stubbornly high mortgage rates as the primary drag on confidence. On Tuesday, rates on the 30-year fixed mortgage hit 7.92%, according to Mortgage News Daily's index. Buyers and sellers alike have largely been kept on the sidelines as mortgage rates hover near multi-decade highs and moving homes looks unattractive.

Persons: —, Alicia Huey, Robert Dietz, Dietz Organizations: Service, National Association of Home Builders, Market, Mortgage, Builders, Federal Locations: Wells Fargo

The yield on the 10-year Treasury was more than 5 basis points higher at 4.765%. The 2-year Treasury yield was last up by less than 2 basis points at 5.12%. U.S. Treasury yields rose on Tuesday as investors considered the state of the economy and awaited fresh economic data as they mulled over the outlook for interest rates. Investors assessed the economic outlook as they considered whether the Federal Reserve will hike interest rates further or not. Some have cited recent Treasury yield highs as a reason for this, saying they have led to tighter financial conditions which in turn could help ease the economy.

Persons: Patrick Harker, Jerome Powell, Joe Biden's Organizations: Treasury, U.S, Federal, Philadelphia Fed Locations: Israel

☆ Stock futures are little changed as Wall Street look towards busy earnings week: Live updates
▼ + stars: | 2023-10-16 | by ( Hakyung Kim | ) www.cnbc.com time to read: +2 min

A trader works on the floor of the New York Stock Exchange (NYSE) in New York City, September 6, 2022. U.S. stock futures were flat Monday night as the third-quarter earnings season gains momentum. S&P 500 futures ticked up 0.03%, while Nasdaq 100 futures traded near the flatline. The 10-year U.S. Treasury yield rose 7 basis points to 4.7% on Monday. In addition to Tuesday's earnings reports, Wall Street will also be keeping an eye out for fresh economic data.

Persons: Russell, Johnson, Goldman Sachs, Lockheed Martin, Richard Bernstein, CNBC's, Charles Schwab, George Ball, Sanders Morris Harris Organizations: New York Stock Exchange, Dow Jones, Nasdaq, Treasury, Dow, Johnson, Bank of America, Lockheed, Richard Bernstein Advisors, Monday, JPMorgan Chase Locations: New York City, Israel, Iran

☆ Morgan Stanley says the average stock is breaking down, S&P 500 to fall to 3,900 by year-end
▼ + stars: | 2023-10-16 | by ( Hakyung Kim | ) www.cnbc.com time to read: +3 min

The odds of a fourth-quarter rally for the S & P 500 are coming down as higher rates and slower growth pressure equities, according to Morgan Stanley's Mike Wilson. The S & P 500 approached its 200-day moving average — around 4,224 — earlier this month. .SPX YTD bar SPX in 2023 Wilson now forecasts the S & P 500 to fall to 3,900 by the end of 2023. According to the CNBC Market Strategist Survey , the average 2023 target for the S & P 500 is at 4,392, with the median target even higher at 4,500. Sean Simonds of UBS is the only other top strategist who forecasts the S & P 500 pulling back to 3,900.

Persons: Morgan Stanley's Mike Wilson, Wilson, Stocks, SPX, Sean Simonds, Oppenheimer's John Stoltzfus, — CNBC's Michael Bloom Organizations: Federal, CNBC Market, Survey, UBS

☆ Israel-Hamas war risks further deglobalization and inflation
▼ + stars: | 2023-10-15 | by ( Bryan Mena | ) edition.cnn.com time to read: +8 min

Washington, DC CNN —The global economy is facing tremendous uncertainty from the war between Hamas and Israel in the Middle East, on top of the ongoing war between Russia and Ukraine. They say Israel’s declaration of war against Hamas could be yet another catalyst for deglobalization, though the extent of that is still up in the air. If deglobalization does get exacerbated, what would that mean for inflation and monetary policy, globally? With deglobalization, you get a global economic environment that’s less competitive, and when there’s less competition, that is ultimately inflationary, causing prices to rise. Over the Covid era, China shut down production, disrupting the global supply chain, so deglobalization would bring some production back within US borders.

Persons: Wells, Bell, Brendan McKenna, that’s, Trump, there’s, Hanna Ziady, we’ve, ”, Avi Hasson, Patrick Harker, John Williams, Tom Barkin, Michelle Bowman, Tesla, Christopher Waller, Lisa Cook, Jerome Powell, Austan Goolsbee, Michael Barr, Raphael Bostic, Loretta Mester Organizations: CNN Business, Bell, DC CNN, Trump, Hamas, Nation Central, Philadelphia Fed, US Commerce Department, Federal Reserve, National Association of Home Builders, China’s National Bureau of Statistics, Procter & Gamble, United Kingdom’s, National Statistics, American Airlines, US Labor Department, Federal, Fed Locations: Washington, Israel, Russia, Ukraine, China, Wells Fargo, Gaza, deglobalization, United States, Mexico, US, Tel Aviv, New York

☆ Regional banks are in focus in the week ahead as third-quarter earnings season ramps up
▼ + stars: | 2023-10-13 | by ( Sarah Min | ) www.cnbc.com time to read: +7 min

Regional banks will be in focus in the week ahead as traders head into the thick of third-quarter earnings season. Regional bank earnings are also expected to be a weak point this season. But a closer look into the sector's sub-industries showed that regional banks are anticipated to have tumbled by 15% last quarter. Traders parsing through regional bank earnings will pay special attention to signs of narrowing net interest margins (NIM). Earnings season underway Many investors anticipate that the third-quarter earnings season will be alright.

Persons: Wells, Kumar, FactSet's John Butters, NIM, They'll, JPMorgan Chase, Jamie Dimon, Goldman Sachs, Morgan Stanley, FactSet's Butters, Nancy Tengler, Lauren Goodwin, we'll, Goodwin, Charles Schwab, Lockheed Martin, Goldman, Zions, Kinder Morgan, Lam, McLennan, Philip Morris, Huntington Bancshares, —, Jesse Pound Organizations: Citigroup, JPMorgan Chase, Sri, Kumar, Silicon Valley Bank, Regional Banking, Dow Jones Industrial, JPMorgan, Hamas, Northern Trust, U.S . Bancorp, T Bank, Citizens Financial, Bank of America, Federal Reserve, Companies, Investments, New York Life Investments, Index, Johnson, Bank of New York Mellon, Goldman Sachs Group, Hunt Transport Services, Omnicom, United Airlines Wednesday, Housing, Elevance, Citizens Financial Group, Procter, Gamble, Abbott Laboratories, Discover Financial Services, Las Vegas Sands, PPG Industries, Steel Dynamics, Tesla, Netflix, Lam Research, Philadelphia Fed, Truist, Alaska Air Group, Fifth Third Bancorp, American Airlines Group, Marsh, Philip Morris International, Union, CSX, Comerica, Regions Financial, American Express, Interpublic, Cos Locations: Wells Fargo, Silicon, Ukraine, Israel, J.B, Las Vegas, Philadelphia, Truist Financial, Union Pacific, Freeport, Huntington

☆ If you sold in May, it's time to start buying again, says the Stock Trader's Almanac
▼ + stars: | 2023-10-12 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

A Monday evening note from Almanac editor Jeffrey Hirsch said that the stock market appears to be in the early stages of an end-of-year rally. SPY YTD mountain The S & P 500 is up since May, but did suffer a late-summer swoon. The buy signal could help offset the multiple negatives working against the stock market, including bond yield volatility and the conflict in the Middle East. The Almanac's portfolio changes show an expectation of a broad market rally. The moves include buying the SPDR Dow Jones Industrial Average ETF Trust (DIA) , SPDR S & P 500 ETF Trust (SPY) , and the Invesco QQQ Trust (QQQ) as well as the iShares Russell 2000 ETF (IWM) .

Persons: Jeffrey Hirsch, SPDR, Russell Organizations: Dow Jones, ETF Trust, Trust, P Biotech, Consumer, Vanguard, Index

☆ A hedge-fund manager who's up 50% this year almost entirely without help from the 'Magnificent 7' shares 3 stocks he's betting on for continued outperformance — and his leverage strategy for amplifyin
▼ + stars: | 2023-10-11 | by ( William Edwards | ) www.businessinsider.com time to read: +5 min

He said he's liked management's capital allocation as it's continued to grow through acquisitions, and that the firm has fundamental tailwinds. Leverage and risk managementLike hedge funds do, Tomicki relies on leverage, or borrowed money that he then invests, to amplify his returns. He said for every $1 of investor capital he receives, he's long by $3 per stock, meaning returns are multiplied by three. To further lessen his overall portfolio risk, Tomicki said he runs the 200-plus stocks that satisfy his three selection criteria through a quantitative model. However, Goldman Sachs strategists recently said the seven stocks look cheap and could continue to surge.

Persons: that's, Lukasz, Northrop, Tomicki, RLI, there's, Northrop Grumman, Northrup, they've, he's, Russell, outperformance, Goldman Sachs Organizations: Apple, Microsoft, Nvidia —, Northrop Grumman, EMCOR, Air Force, Intercontinental, Missiles Locations: Williams, Sonoma, America

☆ There's a 'good likelihood' that the market bottom is in, Fundstrat says
▼ + stars: | 2023-10-10 | by ( Fred Imbert | ) www.cnbc.com time to read: +2 min

The market recovery from last week's lows could be an indication that a market bottom is in place, according to Fundstrat Global Advisors. "While some might see this as 'jumping the gun,' I do feel like there's a good likelihood that Equity market lows could be in place after the constructive bounce in recent days," wrote Mark Newton, the firm's head of technical strategy. Newton pointed to several reasons for this, including: Strong tech returns relative to the S & P 500 . Bank of America's Stephen Suttmeier also noted that the fourth quarter is usually a good one for the S & P 500, increasing the likelihood of the broader market index doing well going forward. Going forward, the next test for the S & P 500 comes near the 4,400 to 4,450 range, as investors work their way through oversold conditions, according to Rob Ginsberg of Wolfe Research.

Persons: Mark Newton, Newton, . Bank of America's Stephen Suttmeier, Suttmeier, Rob Ginsberg, Wolfe, — CNBC's Michael Bloom Organizations: Fundstrat Global Advisors, . Bank of America's, Wolfe Research

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