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☆ Wall Street titans including David Rosenberg and Rob Arnott sound off on AI: What they told us about the disruptive technology — from how it will lead to 'permanent displacement' of jobs, to why it's
▼ + stars: | 2023-06-28 | by ( William Edwards | ) www.businessinsider.com time to read: +11 min

AI's impact on the job marketRob Arnott"Every important disruption since the start of the industrial revolution has cost millions of people jobs. Millions of jobs will be lost to those who know how to use AI. "The implications of generative AI on the labor market will be one of upheaval and one of escalating job uncertainty. Are AI stocks in a bubble? Rosenberg"Advancements in AI technology, and its knock-on effects on profitability and productivity, is a legitimate investment thesis.

Persons: David Rosenberg, Rob Arnott, Savita Subramanian, Cam Harvey, Jawad Mian, Jobs, Merrill Lynch, aren't, Rosenberg, Harvey, Arnott, Brad Cornell, Aswath, There's, that's, Savita, –, capex, Mian Organizations: Industries, Investors, Research, Rosenberg Research, North, Bank of America Securities, Duke University, Microsoft, Nvidia, Google, Tech, Software, Services, Professional Services, IT Services Locations: North American, ChatGPT, Asia, Taiwan

☆ Jerome Powell says the Fed is still 'very far' on inflation
▼ + stars: | 2023-06-22 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

Fed Chairman Jerome Powell testified before the House, central bank nominees are talking to the Senate, and the Washington Wizards traded away their star hooper. Powell spoke before the House Financial Services Committee yesterday following 10 consecutive interest rate hikes and one rate "skip" that the Fed chief made sure to clarify wasn't a "pause." "Given how far we've come, it may make sense to move rates higher but to do so at a more moderate pace," Powell said Wednesday. So far, the economy has been more resilient than expected, even as the fed funds rate hovers in the 5% to 5.25% range. US stock futures fall early Thursday, after Federal Reserve Chair Jerome Powell said more rate hikes are likely ahead.

Persons: I'm Phil Rosen, Jerome Powell, hooper, Anna Moneymaker, Powell, that's, Patrick McHenry, Tesla, Goldman Sachs, there's, Julia La Roche, Ed Yardeni, isn't, BofA's Savita Subramanian, Apple isn't, Read, Phil Rosen, Jason Ma, Hallam Bullock, Nathan Rennolds Organizations: Senate, Washington Wizards, Financial Services, Fed, Nvidia, Apple, Business, Federal, Accenture, Volex, Bank of America, . Locations: New York, Los Angeles, London

☆ 'The market is more rational than its been in a decade', says BofA's Savita Subramanian on her bullish outlook
▼ + stars: | 2023-06-20 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'The market is more rational than its been in a decade', says BofA's Savita Subramanian on her bullish outlookSavita Subramanian, BofA Securities head of U.S. equity & quantitative strategy, joins 'Fast Money' as a special guest trader to discuss her bull case for stocks, top market plays, and more.

Persons: BofA's Savita Subramanian, Savita Subramanian Organizations: BofA Securities

☆ BofA’S Savita Subramanian delivers her bull case for stocks
▼ + stars: | 2023-06-20 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBofA’S Savita Subramanian delivers her bull case for stocksSavita Subramanian, BofA Securities head of U.S. equity & quantitative strategy, joins 'Fast Money' as a special guest trader to discuss her bull case for stocks, top market plays, and more.

Persons: Subramanian Organizations: BofA Securities

☆ BofA top equity strategist Savita Subramanian takes most bullish position in at least 10 years
▼ + stars: | 2023-06-20 | by ( Stephanie Landsman | ) www.cnbc.com time to read: +2 min

"Most of the S & P 500 is actually generating free cash flow." Last month, Subramanian hiked her S & P 500 year-end target 7.5% to 4,300, with a range as high as 4,600. But I think there are parts of the S & P 500 that look incredibly attractive." She contends that mega-cap stocks are obscuring investment opportunities in the S & P 500 right now. "There are value opportunities, but they're right now being obscured by this sort of AI bubble."

Persons: Subramanian, We're, we've, it's Organizations: of America Securities, Big Tech

☆ BofA's Hartnett admits 'bears like us have been wrong,' sees these conditions ahead
▼ + stars: | 2023-06-16 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

Bank of America chief investment strategist Michael Hartnett has joined his colleagues in admitting he was too pessimistic in his outlook for stocks this year. In his weekly note to clients examining the flow of money through the market, Hartnett took a jab at himself, labeling his outlook the product of "A Bear of Very Little Brain." Further, he outlined several reasons why "bears like us have been wrong" in the first half of 2023. On the economy, "nominal GDP remained super-charged by fiscal stimulus/war, labor" while the labor market was "impervious to monetary policy in post-pandemic world," Hartnett wrote. These include deflation, emerging market stocks and "hard-landing plays" such as REITs and commercial real estate, banks, small-cap stocks, oil and China.

Persons: Michael Hartnett, Hartnett, BofA, Savita Subramanian Organizations: of America, Silicon Valley Bank, Fed & US, Federal Reserve, Treasury, Labor Locations: Silicon, China

☆ Why the new bull market is headed for more Fed stress after a rate hike pause
▼ + stars: | 2023-06-11 | by ( Natalie Rose Goldberg | ) www.cnbc.com time to read: +10 min

And even if the Fed does pause, Ferguson says it doesn't mean that more rate hikes aren't coming over the rest of the year. He isn't alone in the view that a Fed pause won't last long. This view is underpinned by, among other things, a labor market that continues to be tight. Others see recent cooling the labor market as a signal the Fed may soon have more need to moderate its rate hike strategy. "The broad picture here is the labor market is cooling in a sustainable way.

Persons: Savita Subramanian, Roger Ferguson, That's, Ferguson, CNBC's, isn't, Michelle Girard, Steve Liesman, Dennis Lockhart, Lockhart, Fed's, Jerome Powell, Brendan McDermid, — Ferguson, Wharton, Jeremy Siegel, Siegel, Jerome Powell's, Rucha Vankudre, Nick Bunker, Bunker, Goldman Sachs, David Solomon —, Solomon, Goldman, Frederic Mishkin, it's, Mishkin, we've Organizations: Federal Reserve, Dow Jones, NASDAQ, Bank of America, Fed, NatWest Markets, Atlanta Fed, Traders, New York Stock Exchange, CNBC, Conference Board, Labor, Lightcast, Former Fed, Bank of Canada, Reserve Bank of Australia Locations: U.S

☆ 'New bull market has legs': These are the 5 questions investors should ask now that the bear market is officially over
▼ + stars: | 2023-06-10 | by ( Matthew Fox | ) www.businessinsider.com time to read: +4 min

There's more upside left in stocks after a new bull market started on Thursday, according to Bank of America. These are five questions investors should ask now that the bear market is officially over, according to BofA. Additionally, stocks do well after the 20% bull market threshold is reached, based on historical data. These are the five things investors should ask now that the bear market is officially over and a new bull regime has begun, according to BofA. The equal-weighted S&P 500 could yield double the returns of the S&P 500 index based on various signals.

Persons: BofA, —, Savita Subramanian, Subramanian, That's, bullish Organizations: Bank of America, Service, Bank of, Investors, Tech Locations: BofA

☆ As chatter of a new bull market grows, there are reasons why it still doesn't feel that way
▼ + stars: | 2023-06-09 | by ( Bob Pisani | ) www.cnbc.com time to read: +2 min

A new bull market? The S & P 500 is trading Friday morning above its recent 52-week closing high of 4,305, which it hit on Aug. 16, 2022. These are the kind of stats that were discussed: While the S & P 500 is up 11.8% year to date, the equal-weight S & P 500 (RSP), which is the "average stock," is up a measly 2.9%. While the S & P 500 is 20% above its recent low, about one-third of the S & P 500 (about 160 stocks) remain 20% below their 52-week high. While we are all waiting for it to start to feel like a bull market, the market this week has begun to broaden out a bit.

Persons: I'm, Piper Sandler, Gary Gensler's, Bank of America's Savita Subramanian Organizations: Piper, Piper Sandler Global Exchange, SEC, Bank of America's

☆ Bank of America turns bullish on stocks and recommends these strategies
▼ + stars: | 2023-06-09 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

After being one of the most prominent bears on Wall Street, Bank of America has changed its tune on stocks and sees pockets of select opportunities ahead. The firm's equity team has not changed its year-end S & P 500 target — it still sees the large-cap index finishing around 4,300, which implies little movement from the Thursday close of 4,293.93. "The bear market is officially over," Savita Subramanian, BofA's equity and quant strategist, said in a client note Friday. The firm also recommends strong-divided companies as "we are returning to a total return world." "We believe we are back in bull territory, which might be part of what it takes to get investors enthusiastic about equities again," Subramanian said.

Persons: Savita Subramanian, Subramanian, BofA Organizations: Bank of America, Federal Reserve

☆ Here's exactly where 6 top investment firms recommend putting your money right now as US stocks start to break out
▼ + stars: | 2023-06-08 | by ( James Faris | ) www.businessinsider.com time to read: +5 min

It has a market-weight rating on six sectors: consumer discretionary, energy, industrials, information technology, materials, and real estate. Goldman SachsGoldman's favorite sectors haven't changed since late April: it's still overweight consumer staples, energy, healthcare, and communication services. Morgan StanleyMorgan Stanley's top sectors are consumer staples, healthcare, and utilities, which reflects its defensive outlook about stocks. The firm is neutral about communication services, energy, financials, industrials, materials, real estate, and tech (excluding cyclicals). It has a neutral "perform" rating on almost all other sectors, including communication services, consumer staples, energy, financials, healthcare, materials, and real estate.

Persons: — Goldman Sachs, Morgan Stanley, Oppenheimer, Truist —, BofA, Savita Subramanian, Goldman Sachs, it's, Morgan Stanley Morgan Stanley's Organizations: Investors, Bank of America, BMO Capital Markets, Tech Locations: Charlotte

☆ Halfway through 2023 Wall Street still can't agree on the earnings outlook
▼ + stars: | 2023-06-06 | by ( Bob Pisani | ) www.cnbc.com time to read: +4 min

A strange year: Halfway through, there is a wide difference of opinion on earnings Strategists analyze the macroeconomy to come up with an estimate for corporate earnings. They analyze individual company performance to come up with earnings estimates, which are then aggregated into an overall estimate by agencies like FactSet or Refinitiv. The S & P 500 reported $218 in earnings in 2022, according to Refinitiv. This highlights the difference between analysts and strategists: Analysts have models for earnings of individual companies, not the macroeconomy as strategists do. However, in this case, their reticence to slash earnings estimates in expectation of an imminent recession or a banking crisis has proved to be correct.

Persons: Morgan, Mike Wilson, Wilson, Goldman Sachs, Jan Hatzius, Mike Wilson's, John Stoltzfus, Oppenheimer, David Kostin, Brian Belski, Jonathan Golub, Lori Calvasina, Savita Subramanian, Chris Harvey, Ed Clissold, Ned Davis, Hatzius Organizations: Here's, BMO, Credit, RBC, Wells, Bloomberg, Bank Locations: U.S

☆ Stocks are up big this year. But top Wall Street strategists are warning that trouble is brewing under the surface of the market — threatening to sink it.
▼ + stars: | 2023-06-06 | by ( William Edwards | ) www.businessinsider.com time to read: +6 min

Six months into 2023, the S&P 500 is having an impressive year, returning more than 11% so far since January. Only 44% of S&P 500 stocks are trading above their 200-day moving averages, according to LPL Financial. Technology and consumer are the only sectors up on the year, and even they are exhibiting narrow breadth," he said. Bank of AmericaOf course, market breadth could improve if the fundamental economic outlook improves along with investor sentiment. If the labor market stays sturdy, a stock market rally could become more sustainable.

Persons: David Rosenberg, Mike Wilson, Here's David Rosenberg, Bank of America Merrill Lynch, Marcelli, Morgan Stanley, Adam Turnquist, Jeffrey Buchbinder, LPL, Savita Subramanian Organizations: Apple, Microsoft, Nvidia, Meta, Bank of America, Rosenberg Research, North, UBS, NYSE, Technology, of America's Locations: North American, China

☆ Next questions for markets center on its skinny rally and the chance of a Fed derailment
▼ + stars: | 2023-06-02 | by ( Scott Schnipper | ) www.cnbc.com time to read: +5 min

"The underlying numbers in the report today show that the Fed can probably feel comfortable with maybe one more rate hike, and then pausing." Or, at least those concerns were true until Friday's explosive rally, when more than six New York Stock Exchange issues rose for every one that fell, and all 11 sectors in the S & P 500 gained. Friday's advance carried the S & P 500 to its highest since Aug. 18, 2022, when the benchmark closed at 4,283.74. Another favorable straw in the wind may simply be the fact that the 11.2% rally in the S & P 500, just since the mid-March lows accompanying the failure of Silicon Valley Bank, is so hated and mistrusted. Week-ahead calendar Monday 9:45 a.m.: S & P Global Services PMI (May) 10 a.m.: Durable goods and factory orders (April) 10 a.m.: ISM services PMI (May) Tuesday Earnings: J.M.

Persons: Megan Horneman, Canaccord Genuity, JC O'Hara, Roth MKM, Ross Mayfield, Baird, Savita Subramanian, Subramanian, Brown, Forman, — CNBC's Alexander Harring, Fred Imbert, Michael Bloom Organizations: Federal Reserve, Verdence Capital Advisors, Nvidia, New York Stock Exchange, Silicon Valley Bank, Bank of America, P Global Services PMI, PMI, Growers, Ciena, GameStop Locations: Broad, 2H23, Silicon

☆ The odds of a significant recession are ‘going down’ right now, says JPMorgan’s David Kelly
▼ + stars: | 2023-06-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe odds of a significant recession are ‘going down’ right now, says JPMorgan’s David KellyDavid Kelly, JP Morgan Asset Management chief global strategist, and Savita Subramanian, head of U.S. equity and quantitative strategy at Bank of America Securities, join ‘Squawk on the Street’ to discuss what the latest strong job reports suggest, the odds of a recession, and more.

Persons: JPMorgan’s David Kelly David Kelly, Savita Subramanian, ‘ Squawk Organizations: Morgan Asset Management, Bank of America Securities

☆ Firms are bringing production back home because of the Ukraine war, China's slowdown — and TikTok
▼ + stars: | 2023-06-01 | by ( Lucy Handley | ) www.cnbc.com time to read: +8 min

Earnings calls discuss 'reshoring'A number of banks noted mentions of the domestic manufacturing trend in U.S. earnings calls for the most recent quarter. And we have never … got the target right," McRaith told an audience at a supply chain conference organized by software company o9 Solutions in April. Bill McRaith Former chief supply chain officer, PVHMcRaith, a former chief supply chain officer at Tommy Hilfiger-owner PVH , said the apparel industry both over-orders and under-orders stock by about 20% to 25%. If we build an economy based on electrification and batteries, it's going to be really important to control our own supply chain. "If we build an economy based on electrification and batteries, it's going to be really important to control our own supply chain," he told CNBC's "Street Signs Asia" in April.

Persons: Luke Sharrett, Savita Subramanian, Ryan Grabinski, they're, Bill McRaith, McRaith, PVH, Tommy Hilfiger, we've, Shein, Jade Gao, it's, Keith Phillips, Joe Biden, CNBC's, Elon Musk, Phillips Organizations: European Union, Bloomberg, Getty, Bank of America, UBS, Securities, o9 Solutions, CNBC, AFP, U.S ., Reshoring, EV, U.S, EVs Locations: China, Ukraine, U.S, Europe, Brazil, Guangzhou, U.S . U.S, Corpus Christi , Texas, Tennessee, United States

☆ Here's how Bank of America is telling traders to invest up and down the spectrum from large cap to small to book maximum profits while playing smart defense
▼ + stars: | 2023-05-31 | by ( Marley Jay | ) www.businessinsider.com time to read: +5 min

Its equity strategists say that value criteria tend to work best in small- and mid-cap stocks. They added that small caps are an especially good pathway to diversification right now. But they noted that investors can use small caps to diversify their portfolios while also being rewarded for better stock picking. "High Projected Long-Term Growth has not been a strong stock selection factor over the long-term," they wrote. "The best way to pick stocks within small caps over the long-term has been buying stocks with high free cash flow to enterprise value" and other metrics based on free cash flow yields.

Persons: Subramanian, it's, Jill Carey Hall, Nicolas Woods, Woods, Russell, Russell MidCap Organizations: of America, Bank of America, US Equity, Materials, Nasdaq, Bank of

☆ Bank of America hikes year-end target for S&P 500, citing focus by companies on efficiency and A.I.
▼ + stars: | 2023-05-21 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

In a note to clients on Sunday, Bank of America strategist Savita Subramanian hiked her year-end price target for the S & P 500 to 4,300 from 4,000. The S & P 500 is already up more than 9% year-to-date. .SPX YTD line The S & P 500 has gained more than 9% in 2023. The new target puts Bank of America above the average in the CNBC Market Strategist Survey . The highest target among major Wall Street firms is still 4,575 from CFRA's Sam Stovall.

☆ Stock futures fall slightly as Wall Street focuses on tense debt ceiling negotiations
▼ + stars: | 2023-05-21 | by ( Jesse Pound | ) www.cnbc.com time to read: +2 min

Stock futures retreated slightly on Sunday evening as traders monitored the negotiations over the U.S. debt ceiling. Futures for the Dow Jones Industrial Average ticked down 63 points, or about 0.19%. S&P 500 futures dipped about 0.21%, and Nasdaq 100 futures also shed 0.14%. The Nasdaq Composite climbed 3.04%, while the S&P 500 gained 1.65%. On cyclically adjusted earnings, valuations argue for price returns of 5% per year for the S&P 500 over the next decade," Subramanian said in a note to clients.

☆ Shun mega-cap tech stocks as a 'big asset bubble' is building in growth shares, Bank of America's top strategist says
▼ + stars: | 2023-05-19 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +2 min

Investors should avoid piling into mega-cap tech stocks, according to BofA's Savita Subramanian. "You don't want to buy mega-cap tech. Her views come despite a blistering rally in Big Tech stocks this year amid hype over artificial intelligence. Tech stocks have kicked off 2023 with a bang, with Big Tech shares including Meta and Amazon stock soaring in price. While Subramanian noted that AI is a bullish pocket of the tech industry, she suggested it's not a convincing enough driver for mega-cap tech stocks.

☆ You don't want to buy mega-cap tech stocks, says BofA’s Savita Subramanian
▼ + stars: | 2023-05-18 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailYou don't want to buy mega-cap tech stocks, says BofA’s Savita SubramanianSavita Subramanian, BofA Securities head of U.S. equity and quantitative strategy, joins 'Squawk Box' to discuss the latest market trends, and where the market could be headed for the rest of the year and beyond.

☆ BANK OF AMERICA: Buy these 16 healthcare stocks to capture their collective 50% upside ahead of a sector rally
▼ + stars: | 2023-05-07 | by ( Marley Jay | ) www.businessinsider.com time to read: +3 min

Bank of America says healthcare stocks are usually strong performers in economic downturns. Their solid earnings and low valuations should help healthcare stocks going forward. The firm named 16 favorite stocks in the sector, including 3 that it thinks could double in price. Healthcare stocks aren't having a great year, but Bank of America says it sees signs that the tide is going to turn. Bank of America says the following 16 names are the best defensive and high-upside small- and mid-cap stocks in healthcare.

☆ Bank of America: Hedge funds are most bullish on these 20 stocks right now while they brace for an 'Armageddon'-style recession similar to 2008
▼ + stars: | 2023-05-04 | by ( James Faris | ) www.businessinsider.com time to read: +3 min

Bank of America noted that hedge funds' bond weighting relative to stocks is at an all-time high. Here are 20 stocks that hedge funds are most optimistic about right now. "Our economists expect an economic recession of half the magnitude of a typical recession," Subramanian wrote in the late April note. Additionally, hedge funds' allocation to bonds relative to stocks is at a record high, according to Bank of America. 20 stocks that hedge funds love mostEven though hedge funds have soured on stocks, they still believe there are companies that will outperform in this challenging economic environment.

By comparison, less than 5% of companies mentioned AI in analyst calls held during the first quarter of 2016. Big Tech mentions jump AI has been a growing theme in Big Tech as companies try to capitalize on the wave following 2022's selloff. In calls from Big Tech companies alone, AI was mentioned 265 times. Executives at real estate company UDR said its AI chat has a 10% higher closing rate than normal call centers. Interpublic Group of Companies CEO Philippe Krakowsky noted the advertising company brought on a chief AI officer two years ago.

☆ Stock market bulls hard to find amid high rates and banking fallout, says BofA's Subramanian
▼ + stars: | 2023-05-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailStock market bulls hard to find amid high rates and banking fallout, says BofA's SubramanianSavita Subramanian, BofA Securities, joins 'Squawk on the Street' to discuss Subramanian's thoughts on the earnings season thus far, if there will still be a 'reckoning' in corporate earnings and more.

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