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Strategies & Market Trends : Humble1 and Swing Trading Friends
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From: humble110/7/2024 4:47:12 AM
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Don’t Fight the Fed and Don’t Fight Goldman Sachs!

Morgan Stanley’s Michael Wilson — among the most bearish voices on equities until mid-2024 — raised his view on so-called cyclical stocks relative to safer defensive peers, noting Friday’s blowout payrolls data and expectations of more interest-rate cuts from the Federal Reserve.

His peer at Goldman Sachs Group Inc., David Kostin, also boosted his expectations for S&P 500 earnings growth next year as a solid macro outlook drives margins. The strategist upgraded his 12-month target for the benchmark to 6,300 points from 6,000, implying gains of about 10% from current levels.

“We continue to believe we’re in a ‘good is good’ environment in terms of the equity market’s response to the labor/economic growth data,” Wilson wrote in a note. “The bond market is becoming less skeptical on the soft landing outcome, an important signal for equity investors.”
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