Citi's Scott Chronert believes the broad market index is due for a pullback later this year.
The S & P 500 's recent rally has many investors convinced the bear market is drawing to a close, but Citi's Scott Chronert isn't convinced. The broad market index has surpassed the key 4,300 threshold in recent days, rallying more than 20% off its October low. Chronert, U.S. equity strategist at Citi, isn't buying the rally. He is maintaining his full-year S & P 500 target of 4,000 as he forecasts a pullback in the second half of 2023.
So, this is not a broader market move. This is a very narrow move," he said Tuesday on CNBC's " Squawk on the Street ." Citi isn't the only Wall Street firm that expects a market pullback later this year. According to CNBC Pro's Market Strategist Survey , Barclays, Morgan Stanley and UBS are forecasting the broad market index to fall below 4,000 at year-end. Chronert anticipates the market to take an upward trajectory in the first half of next year.
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Why Are There Over 500 Pubs in the U.K. With the Same Name?There are thousands of pubs across the UK, but hundreds share the same name. We delve into the history of why over 500 pubs call themselves the Red Lion pub.
Leer más »
Goldman pushes back against bearish Morgan Stanley's Mike Wilson with new 4,500 S&P 500 targetResilient economic growth and softening inflation will keep stocks supported, says Goldman Sachs, which has a new bullish S&P 500 target.
Leer más »
The 2023 Fortune 500 list is out: These are Northeast Ohio biggest companiesICYMI: 10 Northeast Ohio companies made the Fortune 500 list this year.
Leer más »
About 500 doctors at Mount Sinai are set to strike TuesdayRepresentatives from Mount Sinai said they continue to negotiate in “good faith” with the union, and hope to reach an agreement at a Monday afternoon bargaining session
Leer más »
S&P 500 and Nasdaq close at highest since April 2022 By Reuters⚠️BREAKING: *S&P 500, NASDAQ CLOSE AT 13-MONTH HIGHS AS U.S. STOCKS RALLY AHEAD OF INFLATION DATA, FED DECISION $DIA $SPY $QQQ $IWM $VIX 🇺🇸🇺🇸
Leer más »
S&P 500 Index (SPX) - Investing.comGet S&P 500 Index live stock quotes as well as charts, technical analysis, components and more SPX index data.
Leer más »