An asset manager overseeing $754 billion in wealth believes that the next month or so will be bullish for the US stock market, despite investor skepticism.
In a new interview on CNBC Television, Lauren Goodwin, the chief market strategist at New York Life Investments, says stocks are likely to print new highs in the coming weeks amid an improving macroeconomic landscape.
The analyst believes early Q2 pessimism is now flipping into market momentum.
“The next three to four weeks, I think are full steam ahead, for the equity market in particular. That’s because not only has Q2 economic reality been much better than analysts were expecting at the beginning of the quarter – just many of the worst-case scenario risks have not materialized and are not likely to materialize over the next few weeks.
So earnings are likely to be quite strong again. But the backdrop as well, as we think ahead, related to deregulation, related to the supply-chain reglobalization that’s happening supporting the AI (artificial intelligence) supply chain in particular, that’s supportive of market broadening as well, and we’ve seen some of that breadth.
Even in weaker market days, you haven’t seen a big rotation into the defensives. And so, I think the market will continue to climb this wall of worry in the near term.”
New York Life Investments is a New Jersey-based asset manager serving institutional and retail investors across multiple asset classes, including fixed income, equity and alternative investments.
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