S&P 500 will hit record highs before year-end - Piper Sandler
Global financial markets are experiencing declines today as government bond yields continue to rise. In the United States, yields are reaching new cycle highs, putting pressure on stocks. TheRecent economic data, including strong jobs numbers and retail spending, have exceeded economists' expectations, providing evidence of robust economic growth in the third quarter.break free from a nearly year-long profits slump.
According to Bloomberg’s analysis, it has taken an average of 11 months from the peak of interest rates in a tightening cycle for stocks to decline from their highs. “We believe extreme oversold conditions in breadth, with the SPX holding above 4,200 support, keep equities poised for more than a relief rally into a seasonally bullish Q4,” the analysts wrote in a note to clients.
“As long as the SPX remains above 4,200 support, we suspect it is just a matter of time before bulls take firmer control of equities,” the analysts added.
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