The bank notes that the S&P 500 is down 2.2% week-to-date due to the"triple-whammy" of higher rates, cautious 1Q24 comments around consumer demand, and continued geopolitical tensions.
They add:"Our research suggests a status quo environment – i.e., the absence of 'regime change' – favors the Momentum style. In this context, 'regime change' examples include a sudden change in the economic outlook, credit spreads, and/or Fed policy." Just last week, Wells Fargo said the S&P 500 is likely to continue grinding higher. The banking giant raised its target for the index to 5535 from the prior 4625 and hiked its 2025 earnings estimate to $270.
Wells Fargo wrote last week,"We believe equities do have some upside from current levels, but we still anticipate a volatility spike in 1H24.”Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events.
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