Has Wall Street missed the news that we are in a pandemic?
FILE PHOTO: A trader looks on while waiting for the initial price of Tencent Music Entertainment company's IPO on the floor of the New York Stock Exchange in New York, U.S., December 12, 2018. REUTERS/Bryan R Smith/File Photo
“Main Street lives for today, whereas Wall Street focuses on tomorrow,” said Sam Stovall, chief investment strategist at CFRA. “There’s been a massive amount of monetary and fiscal stimulus ... and there’s a rising confidence that pharmaceutical firms are getting closer to a vaccine.” At the same time, bets that the Fed will keep rates at rock-bottom levels and stimulus flowing for the foreseeable future have pushed yields on some government bonds to record lows, driving money into equities.
Meanwhile, investors crowding in a cluster of technology and internet stocks that have come to dominate the S&P 500 have heightened concerns that the index may be vulnerable to sharp reversals if holders decide to sell all at once. DoubleLine’s Jeffrey Gundlach is among the few well-known managers who have remained bearish, telling Reuters in late July that the equity rally led by a handful of large tech firms is “classic bear market rally activity.”
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