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This Wall Street firm is sticking to its S&P 500 price target. Here’s why a correction is said to be late.




Nothing like higher prices to change the minds of Wall Street investors and analysts.

Witness the recent surge of the S&P 500 SPX,
price targets. Wells Fargo has gone from being one of Wall Street’s biggest bears to being a bull. Bank of America reluctantly surrendered this week, raising its year-end target to 4,250 from 3,800, even as U.S. equity strategy chief Savita Subramanian warned that might not work out. stop now. But when it ends, it could end badly.

So what could be more noticeable is when a Wall Street company sticks to its guns. Mizuho Securities USA, a major dealer in Treasury securities, still says the S&P 500 will end the year at 4,400. The key to Mizuho’s opinion is that companies believe the Federal Reserve is taking a precautionary rather than a reactive approach. , with the Fed increasingly concerned that supply chain disruptions could lead to more sustained price increases.

This in turn will result in the dollar as measured by the DXY DXY,
+ 0.12%
index to rise to 95, which will then increase foreigners’ interest in long-term dollar assets for a return, said Steve Ricchiuto, its chief economist in the United States. He says the curve will flatten by the end of the year, with the TMUBMUSD10Y at 10 years,
amounting to 1.5%, while the 2-year TMUBMUSD02Y,
climbs to 0.5%.

A flatter curve, a stronger dollar, and the risk of an earlier takeoff all argue in favor of a long overdue equity market correction. outdated, he said.

This background suggests a move away from small and mid-cap stocks to move back to larger-cap companies. We also have a preference for growth over cyclicals, and suggest reducing exposure to financials, he adds. Growth could disappoint expectations in 2022, and tax hikes could weigh on hiring long before an increase in transfer payments can revive demand.

Biden speaks with Xi

President Joe Biden, after markets closed, delivered a speech on tackling the COVID-19 pandemic, in which he ordered all federal executive employees and contractors to be vaccinated, and will demand of employers with 100 or more workers that they require vaccination or weekly testing.

The White House also said Biden spoke to Chinese President Xi Jinping for the first time in seven months. The two leaders had a broad strategic discussion during which they discussed areas where our interests converge and areas where our interests, values ​​and perspectives diverge, according to the reading of the call.

Affirm AFRM,
+ 32.45%
stocks jumped more than 20% in after-hours action, after the installment payment provider raised its revenue forecast.

Wells Fargo WFC,
+ 0.18%
was fined $ 250 million by Currencyover’s Office of the Comptroller of Home Lending Practices, but also said that the Consumer Financial Protection Bureau’s consent order issued in September 2016 regarding sales practices at retail banks had expired.

Harvard University has said it will stop investing in fossil fuel companies.

Producer prices rose 0.7% in August, a tenth ahead of expectations, to bring the year-over-year increase to 8.3%, the Labor Department reported.

Regional Fed Chairmen Robert Kaplan and Eric Rosengren have said they will sell the individual stocks they hold, after controversy over the disclosure of their active stock transactions.

The steps

Helped by gains in Asia with a six-month high for the Nikkei 225 NIK,
+ 1.25%
US ES00 equity futures contracts,

were stronger. The 10-year Treasury yield was 1.32%.

Random readings

Moneyball Analysis struggle to cope with forest fires.

The Karens unite against the use of their name like an insult.

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