Market indices (^DJI, ^IXIC, ^GSPC) are hovering around their flatlines this morning after last week’s whirlwind of consecutive highs from the S&P 500 and Nasdaq Composite. Evercore ISI and Goldman Sachs strategists have both raised their year-end targets on the S&P 500.
Miller Tabak Managing Director and Chief Market Strategist Matt Maley sits down with the Morning Brief team to talk about the market rally, where investors should be looking, and the outlook on the Federal Reserve’s late-2024 interest rate cuts.
"You never like to see a narrow rally, having said that this time last year we had a very similar, narrow rally, and yet it kept going for another month and a half, and it really didn’t see a pullback until we got to August," Maley says. "But, one of the things it does tell us is that investors aren’t all that confident about anything outside of the AI phenomenon. And we haven’t seen the big broadening out of earnings outside of the AI phenomenon."
He also comments on how markets are expected to react to the 2024 presidential election — following France’s own market reaction to the country’s snap election — and geopolitical tensions in the Middle East.
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