S&P 500 Likely To End Year Strong, But Election Uncertainty May Cause Short-Term Volatility, Says Yardeni: 3 Key Factors Investors Are Watching
Portfolio Pulse from Shanthi Rexaline
Yardeni Research predicts short-term volatility in the S&P 500 due to election uncertainty but expects a strong year-end rally. The market is focused on earnings growth, stretched valuations, and a rotation from mega-cap to large-cap and SMID-cap stocks. The SPDR S&P 500 ETF Trust (SPY) has gained over 15% YTD.
July 29, 2024 | 7:48 am
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POSITIVE IMPACT
The SPDR S&P 500 ETF Trust (SPY) has gained over 15% YTD and is expected to experience short-term volatility due to election uncertainty but a strong year-end rally.
SPY is directly tied to the S&P 500, which is expected to see short-term volatility but a strong year-end rally. This suggests a positive outlook for SPY in the near term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
NEUTRAL IMPACT
Netflix, part of the 'Magnificent Seven,' contributes to the elevated forward P/E multiple of the S&P 500. Excluding these mega-cap stocks, the S&P 500's multiple is more modest.
Netflix is highlighted as part of the group inflating the S&P 500's forward P/E multiple. However, the news does not indicate a direct impact on Netflix's stock price.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50