Why this week is 'a potentially pivotal week for the 2024 bull market'
The recent pullback in stocks can be traced to several key factors, according to Sevens Research in a note Monday.has benefited from"solid economic data, impending Fed rate cuts, falling inflation, and AI enthusiasm." However, recent developments suggest that the bullish trend is facing challenges.
"Last week’s soft earnings are challenging the AI enthusiasm that has been responsible for the S&P 500 rallying into the mid 5,000’s," noted Sevens Research. Looking ahead, Sevens believes the upcoming week is critical for tech stocks and AI enthusiasm. High-profile earnings reports from Microsoft (NASDAQ:"If they post disappointing guidance, it will further erode AI enthusiasm and we could see this pullback continue," warned Sevens Research. Additionally, they state that the week will be pivotal for evaluating the broader economic landscape.
Despite these uncertainties, Sevens Research anticipates that, barring significant surprises, the market should maintain expectations for solid growth and rate cuts in September.
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