Tech and communications stocks look overvalued: Strategist

Monday marks the start of a busy week for Wall Street, with a slew of data releases set to shape market dynamics. Big Tech earnings, the highly anticipated Federal Open Market Committee (FOMC) meeting, and the closely watched jobs report are all scheduled to unfold. Wells Fargo Senior Global Market Strategist Scott Wren joins The Morning Brief to provide insights into how these developments might impact markets and the Federal Reserve's rate cut outlook.
With the FOMC meeting and decision announcement slated for Wednesday, Wren believes "we're not going to see any surprises," predicting that the higher-for-longer interest rate environment will likely persist. He believes that two rate cuts could materialize in 2024, starting in September. The next most likely scenario is "fewer cuts, not more," Wren says.
As the Big Tech earnings season continues to unfold this week, Wren believes the tech and communications services sectors are "overvalued." However, he acknowledges that with industry heavyweights like Microsoft (MSFT) driving market rallies post-earnings, "clearly the market is going to hang on results" for a few days.
#youtube #news #stockmarket
About Yahoo Finance:
Yahoo Finance provides free stock ticker data, up-to-date news, portfolio management resources, comprehensive market data, advanced tools, and more information to help you manage your financial life.
- Get the latest news and data at finance.yahoo.com
- Download the Yahoo Finance app on Apple (apple.co/3Rten0R) or Android (bit.ly/3t8UnXO)
- Follow Yahoo Finance on social:
X: / yahoofinance
Instagram: yahoofinanc...
TikTok: www.tiktok.com/@yahoofinance?...
Facebook: / yahoofinance
LinkedIn: / yahoo-finance

[@nimroddagreatofficial]

I hope not😱

[@gracelikerain5039]

Yay

[@hanguyen5101997]

Inflation are creeping up, the economy runing hot. employment also high, what drug you on?

[@Infotainment-cb6cy]

It's wells fargo. they are known to be corrupt manipulators.