Postcards: S&P 500 To... 8,000? (WEEKLY ISSUE) - GEOS In Buy Range
Ed Yardeni has laid out the hyper bullish, melt-up case. But there will be challenges along the way.
Equity Storm Watch Is GREEN on the S&P 500 and YELLOW on the Russell 2000
Futures are mostly flat this morning, with the S&P 500 and Nasdaq again hitting new all-time highs ahead of this morning's CPI report, which is expected to moderate inflation. This would be welcome news to investors holding their breath for a rate cut come September. As markets hover near all-time highs, today's inflation data will be critical in determining the Fed's next moves amidst growing economic slowdown concerns. If inflation comes in hotter than expected, we could see the S&P 500 retreat back to 5250 swiftly. Meanwhile, oil prices are back on the rise, with WTI crude approaching $83 per barrel, fueled by a dip in U.S. stockpiles following a busy travel week. This comes as traders increase long bets on oil as expectations grow for increased demand in the second half of 2024.
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