Credit last year’s hero Nvidia
NVDA,
+6.43%
for giving Wall Street its best day so far in a shaky start to 2024. But gloom from Samsung is dampening the mood, with stock-market futures pointing to pullback. In the bear camp, JPMorgan’s chief global strategist Marko Kolanovic, says stocks remain overbought and investors complacent despite the partial early-year reversal. While risk assets have started to “fully embrace” the idea central banks will ease as inflation falls, resilient growth and continued record profitability could end up as contradictory for investors.
Also on that bearish side is our call of the day from David Rosenberg, a veteran strategist who says his firm is now “maximum” bearish on U.S. stocks, citing some troubling recent history. “The setup for 2024 is looking eerily similar to how we entered 2022, with positioning, sentiment, and technicals all at extreme readings – matching what we saw in December 2021 (and with worse fundamentals toboot),” said the president of Toronto-based Rosenberg Research and his team that includes Marius Jongstra and Bhawana Chhabra, in a note. The S&P 500
SPX
finished 2022 with a 19% loss, its biggest since 2008. Here’s Rosenberg’s chart:
…
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NVDA,
+6.43%
for giving Wall Street its best day so far in a shaky start to 2024. But gloom from Samsung is dampening the mood, with stock-market futures pointing to pullback. In the bear camp, JPMorgan’s chief global strategist Marko Kolanovic, says stocks remain overbought and investors complacent despite the partial early-year reversal. While risk assets have started to “fully embrace” the idea central banks will ease as inflation falls, resilient growth and continued record profitability could end up as contradictory for investors.
Also on that bearish side is our call of the day from David Rosenberg, a veteran strategist who says his firm is now “maximum” bearish on U.S. stocks, citing some troubling recent history. “The setup for 2024 is looking eerily similar to how we entered 2022, with positioning, sentiment, and technicals all at extreme readings – matching what we saw in December 2021 (and with worse fundamentals toboot),” said the president of Toronto-based Rosenberg Research and his team that includes Marius Jongstra and Bhawana Chhabra, in a note. The S&P 500
SPX
finished 2022 with a 19% loss, its biggest since 2008. Here’s Rosenberg’s chart:
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