Stay bullish and buy dips in the S&P 500 because it will keep grinding higher, say these strategists
The S&P 500 pushed higher on Monday, continuing from fresh records reached on Friday after a bumpy week of trading on Wall Street.
There are some minor bearish factors facing the S&P 500 SPX, -0.75% index in the short term, Kobeissi said. These include COVID-19 concerns driving volatility, and headwinds against Big Tech stocks like Amazon AMZN, -1.59%, Alphabet GOOGL, -0.03%, Apple AAPL, -1.41%, and Facebook FB, -0.96% from President Joe Biden’s new executive order on competition in the sector.
“This is why the steady grind higher has been proliferated and we also expect this to continue, meaning dips are great opportunities to increase long exposure in this market,” said Kobeissi. ByteDance, the Chinese owner of popular social media video app TikTok, indefinitely put on hold its intention to list offshore, after it was warned about data security risks by government officials earlier this year, The Wall Street Journal reported. Chinese regulators have recently cracked down on U.S.-listed tech groups, like ride-hailing app Didi DIDI, -3.16%.
Billionaire septuagenarian entrepreneur Richard Branson accelerated the tourism space race on Sunday, launching more than 53 miles above the New Mexico desert with five crewmates from his Virgin Galactic SPCE, -4.85% group. Branson’s mission comes more than a week before Amazon founder Jeff Bezos makes his own trip to space.U.S. stocks DJIA, -0.86% SPX, -0.75% COMP, -0.80% were higher after the open. Equities rose across Europe SXXP, -0.32% UKX, -0.06% PX1, -0.51% DAX, -0.
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