BofA Says US Stocks Can Avoid Big Drop If Yields Stay Below 5%

Bloomberg2023-10-13

Says S&P 500 can continue to trade above key level of 4,200Sees recession, rate cuts sparking bullish cycle in 2024US stocks can avoid a dire outlook as long as bond yields stay below a historic high ...

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Wallstrtbets
2023-10-14
Wallstrtbets
Noted.

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A drop below that level would be driven by a stronger dollar, higher yields, oil rising above $100 a barrel and “clear signs” that a credit crunch for small businesses was causing higher unemployment, Hartnett wrote in a note dated Oct. 12.The 4,200 mark is also close to the benchmark index’s 200-day moving average, considered a key technical support level that traders use to assess whether the longer-term trend is up or down. The S&P 500 dropped close to it in early October as US bond yields surged to their highest in 16 years. The index has since rallied 2.8% as yields retreated, and is now tracking its second weekly advance in a row.For 2024, Hartnett said the “best bullish shout” was that a recession and rate cuts by the Federal Reserve would drive gains in bonds and gold, as well as a broader stock market rally. 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