There have been abundant returns for investors this year as the markets have staged a remarkable comeback following 2022’s rout. But with both the S&P 500, and particularly the NASDAQ, delivering excellent returns, the big hitters have been responsible for much of the market gains. Raymond James CIO Larry Adam summed it up, saying, “Narrow leadership has been a key theme in the positive performance year-to-date, with mega-cap tech the main driver of the market’s performance… In our 3Q Outlook, w
The latest data shows inflation is clearly on the backfoot. The June report showed inflation fell for the twelfth month in a row, dropping to 3% year-over-year, in what amounts to the most prolonged period of pullbacks since the early 1980s. The core measure, which takes out food and energy prices, dropped to 4.8% – the slowest rate seen since November 2021. According to Raymond James CIO Larry Adam, an even more noteworthy aspect is that the core measure is now below the current fed funds rate,
Have the markets reached the exuberant stage? Bullish sentiment has been the order of the day for a while, and the S&P 500 currently sits at 4,455, reflecting year-to-date gains of 16%. By now, the index has already surpassed the year-end target of 4,400 set by Raymond James’ chief investment officer, Larry Adam. This achievement serves as a bit of vindication for Adam. He went against the prevailing sentiment at the start of the year, which, if you recall, was decidedly bearish due to the downb