Mizuho Securities USA, a primary dealer of Treasury securities, still says the S&P 500 will end the year at 4,400. “A flatter curve, a stronger dollar, and the risk of an earlier liftoff all argue for a long overdue equity market correction.'
Witness the recent upward flurry of S&P 500 SPX, +0.02% price targets. Wells Fargo went from being one of the biggest bears on Wall Street to being a bull. Bank of America this week grudgingly capitulated, lifting its year-end target to 4,250 from 3,800, even as head of U.S. equity strategy Savita Subramanian warned, “This may not end now. But when it ends, it could end badly.”
“A flatter curve, a stronger dollar, and the risk of an earlier liftoff all argue for a long overdue equity market correction, which is why we have decided not to chase the broad market index even though our initial 4400 year-end target has already been exceeded,” he says. The White House also said Biden spoke with Chinese President Xi Jinping for the first time in seven months. “The two leaders had a broad, strategic discussion in which they discussed areas where our interests converge, and areas where our interests, values, and perspectives diverge,” the readout of the call said.
Fed regional presidents Robert Kaplan and Eric Rosengren said they would sell off the individual stocks they own, after controversy when their active stock-market trading was disclosing.
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