Need to Know: Stocks to own ahead of a rally that this $15 billion fund house says is coming soon

by | Oct 25, 2023 | Stock Market

A cold wind is blowing across tech for Wednesday, thanks to Alphabet’s disappointing cloud growth. As MarketWatch’s Therese Poletti says, investors want their AI perks and they want them now. Our call of the day comes from the chief executive and chief investment officer at the Sit Investment Associates, Roger Sit, who says keep the faith in Big Tech, but also be ready for markets to soon spread beyond what he calls the Magnificent 8 — Meta, Amazon, Apple, Google, Microsoft, Nvidia, Tesla, plus Netflix

The path to that begins with a slowdown and a short, sharp recession, Sit tells MarketWatch in an interview, as he lists some concerns — waning consumer confidence and retail sales and rising credit-card delinquencies. “We continue to think that we are now…on the cusp of seeing a meaningful slowdown, and that’s why our forecast is that we are going to see a recession at the tail end of this year and the next year [lasting a couple of quarters], and so I think rates are peaking here,” said Sit, who expects a mild recession will spark a cut to interest rates from around 5.5% to 4.5%. No …

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