Stocks staged a big midday reversal Tuesday, with falling bond yields giving a boost to growth stocks.
NewEdge Wealth chief investment officer Cameron Dawson echoed that sentiment.
"Do we have a kind of drawdown that looks to be in that 30% range, which is the average for recessions, or something that looks closer to down 50%, which is what we saw back in the early 2000s and 2008 where we had two debt crises?" she said."We don't see a debt crisis. We think that we could start to find some value around that 3,400-3,500 level because that's what gets us back to the pre-Covid highs.
There are no major earnings reports scheduled for Wednesday, but there will be a slew of economic reports coming out, including the minutes of the Federal Reserve's June meeting in the afternoon. Investors are also looking forward to the latest reading on the Mortgage Bankers Association's mortgage purchase index at 7:00 a.m. ET Wednesday. The latest Markit and Institute for Supply Management manufacturing PMI data will be released at 9:45 a.m. and 10:00 a.m., respectively. The Job Openings and Labor Turnover Survey, or JOLTS, will also be released at 10:00 a.m.
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