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Bank of America strategist Michael Hartnett said a strong rally in U.S. stocks and cryptocurrencies has made those asset classes look frothy. The S & P 500's price-to-book ratio surges to 5.3 times in 2024, close to the 5.5 times peak reached at the peak of the tech bubble in March 2000, according to data compiled by the agency. If the S & P 500 approaches 6,666, or about 10 percent above current levels, the risk of an "overshoot" in early 2025 is high, Hartnett said. The bank's bull-bear market...
Bank of America analyst Michael Hartnett says investors should consider selling U.S. stocks if Trump's victory triggers a rally in stocks. That echoes Citigroup's view earlier this week. If Trump wins and gains a Republican majority in the Senate and House of Representatives, it could lead to tax cuts and immigration controls. That would push inflation and interest rates higher, putting stocks at risk. Wall Street's biggest...
Hartnett, a well-known strategist at Bank of America, pointed out that the current market reaction to the Fed's 50 basis point rate cut seems to be following the playbook of "soft rate cuts" or "panic rate cuts". US stocks and credit markets are digesting the expectation of a 250 basis point Fed rate cut by the end of 2025 and an 18% increase in S & P 500 earnings. "Risk is not much better, so investors are forced to chase" the rally, and "bubble risk" is returning. For this madness...
According to Bank of America chief strategist Michael Hartnett, the turmoil in the global financial marekt has not yet reached a level that raises fears of a hard economic landing. The S & P 500 index (SPX) has fallen about 6% since hitting a record high in mid-July, and the benchmark stock index remains above its 200-day moving average of around 5,050, while the yield on the 30-year U.S. Treasury note has yet to fall below 4%. Michael Hartnett wrote in a memo that "Wall Street's...
