Pro says ‘we’re set up for a year-end rally’ after the PCE data today

October 27, 2023 07:34 AM PDT | By Invezz

Pro says ‘we’re set up for a year-end rally’ after the PCE data today — Image source: Invezz

Stephanie Link shares her view on S&P 500

For the month, the Fed’s preferred inflation gauge increased 0.3% versus a narrower 0.1% increase in August.

Stil, Stephanie Link – the Chief Investment Strategist of Hightower is convinced that the benchmark index will soon begin to push back to the upside. On CNBC’s “Squawk Box”, she said today:

I think we’ll have one more week, maybe two more weeks of choppiness and then we are set up for a year-end rally. That’s why I want to be buying some stocks on weakness.

Versus last year, the core PCE stood at 3.7% in September. Note that the S&P 500 is down about 10% versus its year-to-date high at writing.

Watch here: https://www.youtube.com/embed/Su__rx-xCOQ?feature=oembed

What sectors in particular does Link like?

Link particularly sees opportunity currently in the tech stocks. She even loaded up on Google shares this week on the post-earnings decline as “the numbers were better than the reaction in the share price”.

Mega Cap Tech Stocks which have been the strength of the market this year have officially entered a correction pic.twitter.com/zfWfoi3FqK

— Barchart (@Barchart) October 27, 2023

The Hightower’s expert remains bullish on energy as well particularly because names like Chevron that she owns pays a rather exciting dividend yield.

Also on Friday, the BEA said headline PCE was up 3.4% for the year and 0.4% for the month. Personal spending was up a more-than-expected 0.7% in September while personal income up 0.3% was 10 basis points below the Dow Jones estimate.

Last week, John Stoltzfus of Oppenheimer said the S&P 500 could still end the year at around 4,900 level as Invezz reported here.

The post Pro says ‘we’re set up for a year-end rally’ after the PCE data today appeared first on Invezz

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