Wall Street posts worst day of 2023 on higher-for-longer rate fears
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Dow Jones, Nasdaq, S&P 500 weekly preview: stocks are overvalued - analysts
February 21, 2023 8:00 AM ESTThe U.S. stocks fell modestly last week with the S&P 500 (SPX) closing the week 0.28% lower - the first time it recorded two consecutive weekly red candles since December. The index is essentially flat month-to-date (MTD), which is quite positive for bulls as the January rally is still holding in.
Looking at valuation, the forward 12-month P/E ratio for the S&P 500 is 18.0, below the 5-year average of 18.5% but above the 10-year average of 17.2.
The Dow Jones Industrial Average Index (DJI) has continued to hover around 34000, ending the week 0.13% lower. Nasdaq Composite Index (IXIC)... More
Don't chase the Christmas lunch trades - Citi
February 21, 2023 7:22 AM ESTDont expect the current risk-on sentiment to last much longer, Citis Robert Buckland told clients in a note yesterday.
The opening few weeks of 2023 saw last years winners (defensives) getting sold while last years losers (mostly tech) are big winners. Expect this to fizzle out once market positioning is cleared out and... More
