SPY - EXCLUSIVE: The 'Buy Everything' Market Is Over: Synopsys-Ansys Merger Provides Fertile Ground For This Stock Picker | Benzinga
The Federal Reserve is driving the market bus. Rate cut expectations have been re-drawn, and the “buy everything” sentiment that powered equity indices higher in the final quarter of 2023 is over. This is now a stock picker’s market.
These are the thoughts of Marc Chaikin, founder and CEO of Chaikin Analytics, who appeared Thursday on Benzinga’s Pre-Market Prep.
“The Fed is driving the bus and we got some clarity from Governor Waller into what Chairman Powell is really thinking, and they see no reason to rush rate cuts. So those wild forecasts of five to six cuts this year are pretty much off the table,” Chaikin said.
He added: “It’s not going to be a ‘buy everything’ market in 2024.”
“That happened when investors realized back in October that rate hikes had finished, and just threw money into exchange-traded funds, mainly the SPDR S&P 500 (NYSE:SPY) and the Invesco QQQ Trust (NYSE:QQQ), which tracks tech stocks on the NASDAQ.”
Still Bullish On Stocks
He ...