COMPASS CHANGES Upgraded precious metals view to neutral from negative/neutral. INVESTMENT TAKEAWAYS Expectations for solid but slower growth in the U.S. economy and corporate profits support our year-end 2019 fair value target for the S&P 500 of 3000.* We...
KEY TAKEAWAYS We’ve lowered our 2019 forecasts for Fed policy moves, GDP growth, and rates. We expect the Fed to pause through the end of 2019 as it waits for clarity on global conditions. GDP may grow at the lower end of our forecast as capital expenditures have...
KEY TAKEAWAYS The market rally continues, with stocks off to their best year’s start since 1991. Near-term stocks are quite overbought and a pullback could be warranted. Yet, from a sentiment perspective, we still aren’t seeing signs of the over-the-top optimism that...
KEY TAKEAWAYS Consumer confidence has dropped sharply, primarily from what we see as temporary factors. Economic fundamentals are still sound and could help stabilize sentiment. We have yet to see the signs of excesses that have preceded past recessions. Click here to...
KEY TAKEAWAYS Earnings growth for the fourth quarter is tracking to a solid 17%, above prior estimates but below the pace of the previous three quarters. The bar has been substantially lowered for the first quarter, setting up potential upside surprises, particularly...
