The broad based US S&P500 backed off from its all-time high over the last fortnight but a pullback of less than 2% is pretty impressive considering the inflation data which led to some underperformance by the influential growth stocks e.g. the tech based NASDAQ slipped 3.3%. We still anticipate the greatest risk into 2022 will be focused on the interest rate sensitive names but the initial news around rising rates feels like it’s already baked into prices hence tech stocks can maintain their relentless advance.
MM is mildly bullish US equities
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