Our call of the day sees no stopping for this stock market. UBS's Mark Haefele explains his big forecast for 2022.
On the last trading day of August, stock futures are pointing higher as markets look past downbeat economic news from China and continued COVID-19 contagion worries. It’s all part of a relentless march higher for stocks that barely paused this summer.
Our call of the day from UBS’s chief investment officer Mark Haefele, sees the S&P 500 is on a solid path to another big milestone — 5,000. That’s his end-2022 goal, while the bank sees the index reaching 4,600 by the end of this year. “We believe cost pressures for businesses should subside as supply begins to catch up. In addition, consumers’ balance sheets are at their strongest in decades due to the significant buildup in household savings over the past year, and retailers will continue to restock to keep up with demand,” said Haefele.
That should mean a stronger September than expected and an intact “everything rally.” Here’s his chart:China’s delta drag and Moderna’s vaccine edge Zoom Video ZM, +1.96% shares are sinking after the videoconferencing group reported its first billion-dollar quarter Monday, but a somewhat disappointing outlook.
Moderna’s MRNA, -3.02% COVID-19 vaccine produced higher levels of antibodies over Pfizer PFE, +0.34% and BioNTech’s BNTX, -3.76%, according to a study of over 2,000 Belgian health-care workers. On the other side of the country, thousands fled California’s South Lake Tahoe resort on Monday in bumper-to-bumper traffic at times as the Caldor fire jumped highways.
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