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Stocks may be due for pullback due to high earnings expectations: Citi strategist

admin by admin
June 26, 2024
in Business
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Stocks may be due for pullback due to high earnings expectations: Citi strategist
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Stocks could be due for a pullback this summer given high second-quarter earnings growth expectations, according to Citi. Scott Chronert, U.S. equity strategist at Citi, worries the S & P 500’s advance this year is in danger as companies will have a high bar to clear next month with the start of the second-quarter reporting season. In the second quarter, S & P 500 companies are expected to post a year-over-year earnings growth rate of 8.8%, according to a FactSet estimate. That is a forecast Chronert said is “probably a reach,” especially for the 493 S & P 500 companies outside of Nvidia and the megacaps. “What you’ve done is begun to set a very, very high bar for what companies need to deliver beginning with the Q2 reporting period,” Chronert told CNBC’s “Squawk on the Street.” “So, essentially, what all this sets up for from our perspective is that we have to be prepared for a pullback as we go through the summer months into the fall,” Chronert added. “And then set up, we think, for a better opportunity into the end of the year.” .SPX YTD mountain S & P 500 Last week, Chronert was among several strategists on the Street to hike their S & P 500 year-end target on the strength of a handful of megacap tech stocks that have carried the broader index to all-time highs. Chronert raised his 2024 year-end target to 5,600 from 5,100 previously. Goldman Sachs and Evercore ISI also raised their forecasts. Even with those upgrades, many investors worry gains are limited in the second half of 2024. According to a CNBC Pro survey , strategists on a median basis anticipate the S & P 500 will rise to just 5,500 by the end of the year. The broader index was last hovering around 5,460.



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China is panicking:

Last week ALONE, China ETFs saw $2 billion of outflows, marking the largest weekly outflow in history.

Despite deploying pandemic-like stimulus, recent data suggests that China's economy is WORSENING.

Is China entering an economic depression?

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BREAKING: Retail investors bought ~$42 million worth of MicroStrategy stock, $MSTR, on Wednesday, marking the largest daily retail buy on record.

This is ~8 TIMES higher than the daily average seen in October.

In total this week retail has bought a MASSIVE ~$87 million of the… https://x.com/i/web/status/1859968078571802745

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kobeissiletter The Kobeissi Letter @kobeissiletter ·
3h

China is panicking:

Last week ALONE, China ETFs saw $2 billion of outflows, marking the largest weekly outflow in history.

Despite deploying pandemic-like stimulus, recent data suggests that China's economy is WORSENING.

Is China entering an economic depression?

(a thread)

Reply on Twitter 1859958576653197337 Retweet on Twitter 1859958576653197337 102 Like on Twitter 1859958576653197337 581 Twitter 1859958576653197337
kobeissiletter The Kobeissi Letter @kobeissiletter ·
17h

US credit rejection rates are spiking:

The average rejection rate for credit hit 22.9% in October, the most in at least 11 years according to the Fed credit access survey.

Meanwhile, the credit card rejection rate rose to 20%, the highest since 2014.

Credit card limit increase… https://x.com/i/web/status/1859737201078161412

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