The stock market's strength in 2023 is giving BMO Capital Markets reason to turn more bullish on the setup going forward.
But even after a slew of significant rate increases, signs point to easing inflation and a strong and a resilient labor market, Belski said.
.SPX YTD mountain S & P 500's 2023 performance "In other words, we believe the anticipated recipe for disaster is simply not present," he wrote.
"So, from our perspective, all the worries that damaged 2022 market performance are slowly beginning to subside."
"So, despite an extremely strong YTD sector performance, we believe the momentum, even if it slows a bit, is likely persist for the foreseeable future."
Persons:
Brian Belski, CFRA's Sam Stovall, Belski, Price, — CNBC's Michael Bloom
Organizations:
BMO Capital, Federal Reserve
Locations:
Tech