NEW YORK: An expected rebound in capital expenditures for U.S. companies could be more at risk, as concerns over the economic recovery and a possible contested U.S. election mount.
"Is it going to rebound in 2021? Probably, though there's a lot of uncertainty out there," said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia. In recent commentary, Goldman Sachs strategists said their forecast for a 10per cent rebound in S&P 500 capex, excluding energy, in 2021 assumes a"sharp recovery in economic and sales growth," but also assumes"that policy uncertainty declines from its currently elevated levels" as questions around a vaccine for the virus and the election are resolved.
The only S&P 500 sectors forecast to see increases in capex spending in 2020 are information technology and communication services , Refinitiv's data shows. That"has been going on for many years, but it has increased as the digital world has expanded and you add an acceptance that remote working may last longer than initially planned."
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