Veteran Wall Street Analyst Counters Recession Fears: 'We Don't Expect A Hard Landing Of The Economy'
Portfolio Pulse from Piero Cingari
Veteran Wall Street analyst Ed Yardeni counters recession fears, stating that the weak July employment report does not indicate a recession. Yardeni expects stronger employment data in August and has raised his year-end S&P 500 target to 5,800 points. He also predicts the S&P 500, tracked by SPDR S&P 500 ETF Trust (SPY), will reach 8,400 points by the end of the decade. Yardeni believes the market's adverse reaction to the jobs report was exaggerated and influenced by speculators covering carry trades in major tech stocks.
August 05, 2024 | 8:05 pm
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NEUTRAL IMPACT
Yardeni suggested that the market selloff was exacerbated by speculators covering carry trades in major tech stocks, including Apple Inc. (AAPL).
While AAPL was mentioned in the context of market selloff, the overall positive outlook from Yardeni may neutralize the short-term impact.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50
NEUTRAL IMPACT
Yardeni suggested that the market selloff was exacerbated by speculators covering carry trades in major tech stocks, including Amazon.com Inc. (AMZN).
While AMZN was mentioned in the context of market selloff, the overall positive outlook from Yardeni may neutralize the short-term impact.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50
NEUTRAL IMPACT
Yardeni suggested that the market selloff was exacerbated by speculators covering carry trades in major tech stocks, including Alphabet Inc. (GOOGL).
While GOOGL was mentioned in the context of market selloff, the overall positive outlook from Yardeni may neutralize the short-term impact.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50
NEUTRAL IMPACT
Yardeni suggested that the market selloff was exacerbated by speculators covering carry trades in major tech stocks, including Meta Platforms Inc. (META).
While META was mentioned in the context of market selloff, the overall positive outlook from Yardeni may neutralize the short-term impact.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50
NEUTRAL IMPACT
Yardeni suggested that the market selloff was exacerbated by speculators covering carry trades in major tech stocks, including Nvidia Corp. (NVDA).
While NVDA was mentioned in the context of market selloff, the overall positive outlook from Yardeni may neutralize the short-term impact.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
Ed Yardeni raised his year-end S&P 500 target to 5,800 points, implying a 12% surge from current levels. He predicts the S&P 500, tracked by SPDR S&P 500 ETF Trust (SPY), will reach 8,400 points by the end of the decade.
Yardeni's optimistic outlook and raised targets for the S&P 500 suggest a positive short-term impact on SPY, as investors may gain confidence and drive up the ETF's price.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100