XLV - Hennessy Funds is bullish on stocks. These in specific.
2023-10-16 14:48:23 ET
The market is in very good shape, said Hennessy Funds’ chief market strategist Neil Hennessy.
In a CNBC interview on Monday, he pointed out that all three indexes are up.
- ( DJI ) up 13.07%, compared to last year.
- ( SP500 ) up 19.13%, compared to last year.
- ( COMP.IND ) up 27.4%, compared to last year.
Eight companies have been driving that success this year: the “magnificent seven” Nvidia ( NVDA ), Meta Platforms ( META ), Amazon ( AMZN ), Microsoft ( MSFT ), Apple Inc. ( AAPL ), Alphabet ( GOOGL ) and Tesla ( TSLA ), and he also mentioned Netflix ( NFLX ).
Those were the drivers of the downside last year, Hennessy said.
In addition, the Dow Industrials ( DJI ) is on pace for sixth positive session in seven, the S&P 500 ( SP500 ) and the Nasdaq ( COMP.IND ) are tracking for first positive in three sessions. The Russell 2000 ( IWM ) is outperforming, coming off from fifth negative week in six.
All 11 S&P 500 sectors are positive: Communications services ( XLC ), consumer discretionary ( XLY ), consumer staples ( XLP ), energy ( XLE ), financials ( XLF ), health care ( XLV ), industrials ( XLI ), materials ( XLB ), real estate ( XLRE ), technology ( XLK ), and utilities ( XLU ).
He said he loves the mid-cap arena because “they can survive an economic tsunami,” and that they’re big enough to make acquisitions in the small-cap arena and also big enough to be accreted to somebody else.
Hennessy’s top S&P 500 stocks today:
His bottom S&P 500 stocks today:
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Hennessy Funds is bullish on stocks. These in specific.