Stock Market News
Bank of America’s Top Strategist Hartnett Expects Stocks to Rally in Coming Weeks
2022.07.19 14:34
Bank of America’s Top Strategist Hartnett Expects Stocks to Rally in Coming Weeks
By Senad Karaahmetovic
Despite poor fundamentals, Bank of America’s Chief Investment Strategist expects to see a rally in stocks in the coming weeks.
Results from the BofA’s Fund Manager Survey (FMS) for July show a “dire level of investor pessimism,” Michael Hartnett noted. Global growth expectations are at an all-time low while recession anticipation is at the highest since May 2020.
The overall mood amongst investors is still “stagflationary”, according to Hartnett, as companies look to prioritize strong balance sheets and less capex and buybacks.
“Investors expect Fed to hike ~150bp more; PCE inflation
