Big Investors Doubt Sustainability of Market Rally Amid Economic Concerns
• Recent stock market rally seen as temporary by big investors due to concerns over economy, policy, and 2024 election • Markets may be too optimistic about potential Fed rate cuts in 2024 based on early economic data • Global growth expected to slow in 2024 due to high interest rates, energy prices, and cooling US/China economies • Performance of mega cap tech stocks that have driven markets this year remains a major source of uncertainty • Strategists estimate modest 3% rise for S&P 500 in 2023 amid fears of economic slowdown or recession