If Economic Performance Were An Olympic Sport, 'US Economy Would Win Gold,' Says Market Veteran
Portfolio Pulse from Piero Cingari
Prominent economists and analysts highlight the extraordinary performance of the U.S. economy, with a surprising 2.8% GDP growth in Q2 2024. Consumer spending reached record highs, driven by real income gains and a tight labor market. The S&P 500 and tech stocks have seen significant rallies, with SPY up 53% and QQQ up 78% since October 2022. Despite high interest rates, inflation has moderated, nearing the Fed's 2% target.
July 29, 2024 | 2:03 pm
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POSITIVE IMPACT
The Invesco QQQ Trust (QQQ) has rallied by 78% since October 2022, outperforming the broader market. The ETF is likely to continue benefiting from high-tech spending and robust economic growth.
High-tech spending and robust economic growth have significantly boosted tech stocks, which QQQ tracks. The trend of increased investment in technology is expected to continue, supporting further gains.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 80
POSITIVE IMPACT
The SPDR S&P 500 ETF Trust (SPY) has rallied by 53% since October 2022, reflecting the strong performance of the U.S. stock market. The ETF is likely to continue benefiting from the robust economic growth and consumer spending.
The strong economic performance, driven by consumer spending and real income gains, has positively impacted the S&P 500, which SPY tracks. Continued economic growth and moderated inflation are likely to sustain this trend.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 80