Wells Fargo's Paul Christopher is not convinced the Federal Reserve will cut rates and says there's a risk that stocks go downhill from here.
There's a risk that stocks will go downhill from here, according to Wells Fargo's Paul Christopher, as he warned investors not to chase the current rally. Paul Christopher, head of global market strategy at the Wells Fargo Investment Institute, says he's not convinced that the U.S. Federal Reserve will cut rates, or even hold.
It is up nearly 13% so far this year, while the tech-heavy Nasdaq has soared 27%. The rally has been a narrow-focused one, however, with gains driven by just a few major tech stocks. Christopher noted "a real strong bid" going into artificial intelligence and tech-related stocks, but said it will be bad news for such stocks when the Fed continues to raise rates.
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