Our call of the day sees lots of stock buying ahead this year. Corporates, individuals and even foreign buyers will be scooping up $900 billion in equities,...
Wall Street is looking a little less surefooted as a new week begins, with oil sliding as fresh COVID lockdowns in China adding to a hefty worry pile. Bonds continue to slump as well.
But maybe don’t bet against stocks, which have been regrouping since an early March pullback. “‘Less bad than feared’ is a valid trading thesis and it has rewarded everyone that had the courage to buy March’s bounce, said Jani Ziedens, blogger at CrackedMarket. “Diamond hands” is Reddit message board parlance for those investors who hold on to volatile assets, resisting pressure to sell. Goldman forecasts households will scoop up $150 billion in stocks this year, as that asset class still looks better than beaten-down bond yields. The bank’s economists see 10-year Treasury yields hitting 2.7% by year-end from 2.48% currently.
But the biggest source of stock buying for the rest of the year will come from the corporate side, with high cash balances and solid earnings growth supporting that demand. The bank expects all-time high net corporate equity demand of $700 billion for 2022.“Rising interest rates and strong trailing equity returns have likely aided the funding levels of U.S. pension funds,” said Goldman, which expects $400 billion in stock sales from that side.
Apple AAPL reportedly may cut iPhone SE and AirPod production due to weaker demand amid war and inflation worries.
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