US stocks experienced a choppy session to end the awful quarter and first half, we still believe the probability is they will bounce through July but we cannot ignore the downtrend which has been in play since November 2021:
- Overnight U.S stock concluded their worst first-half performance in decades. The S&P500 finished down over 16% in the second quarter and is 21% lower for the first half of the year.
- MM is concerned over the medium term that analysts are looking for S&P500 stocks to enjoy profit growth of ~11%, it feels optimistic to us considering the current economic backdrop i.e. reporting season could be a challenge.
MM is mildly bullish US equities over the coming weeks
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