US stocks and especially the influential tech stocks are starting to enjoy a return to calm in bond markets as inflation expectations recede. Very early 4th quarter company results show that US stocks are on track to miss expectations by only 1% which isn’t too bad considering the decline in most pockets of the index i.e. stocks are pricing in worse.
- We believe the influential US tech stocks continue to hold the key to the relative performance of the broader US stock market.
- Our preferred scenario is the NASDAQ breaks above its December swing high sooner rather than later i.e. at least 3% higher.
MM is mildly bullish on US equities into Q1 of 2023
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