2023 Recession Fails to Materialize; S&P 500 Surges on AI Excitement and Strong Economy
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The widely expected 2023 recession never happened. Instead, the S&P 500 surged over 19% on the back of AI hype, strong consumer spending, and better corporate profits.
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Stifel's Barry Bannister believes the market will shift from mega-cap growth stocks to cyclical value stocks in early 2024 as economic growth continues and inflation remains sticky.
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Bannister is bullish on cyclical industries like financials, industrials, energy, materials, and real estate in the first half of 2024.
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Small caps are also expected to outperform larger companies in early 2024 after a difficult 2023.
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Bannister shared 50 of the highest-rated large-cap cyclical value stocks to buy ahead of this market rotation in the first half of next year.