Wells Fargo Strategist Doesn't See Tech Rally Stalling Until Fed Turns Aggressive, Says Market Resembles Boom Of Year 2000
Portfolio Pulse from Bhavik Nair
Wells Fargo's head of equity strategy, Chris Harvey, believes the tech rally will continue until the Federal Reserve becomes more aggressive and breaks the economy. He compares the current market to the tech boom of 1999-2000, which ended due to tighter monetary policy. Harvey also notes that the US economy has been less rate-sensitive than expected.
June 22, 2023 | 6:59 am
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NEUTRAL IMPACT
The Invesco QQQ Trust Series 1 (NASDAQ:QQQ) declined 1.36% as the tech rally continues until the Federal Reserve becomes more aggressive.
The news is relevant to QQQ as it discusses the ongoing tech rally and its potential impact on the ETF. However, the short-term price direction is neutral as the strategist's comments are focused on the longer-term outlook and the Fed's actions.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50
NEUTRAL IMPACT
Wells Fargo's year-end target for the S&P 500 is 4,200. The SPDR S&P 500 ETF Trust (NYSE:SPY) closed 0.51% lower.
The news is relevant to SPY as it discusses Wells Fargo's year-end target for the S&P 500. However, the impact on the short-term price direction is neutral as the strategist's comments are focused on the longer-term outlook.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50