Posted 11/27/2023, 8:37:15 PM
Wells Fargo Forecasts Economic Slowdown To Limit Recent Stock Gains, But Sees Recovery By 2024
- Wells Fargo sees an economic "soft patch" ahead that will cap recent stock market gains
- Firm cut 2024 earnings estimates for small cap stocks, kept S&P 500 target unchanged
- Slowing economy won't justify Fed rate cuts yet, prolonging credit squeeze
- Equity rallies will be capped until economic and earnings recovery path clears
- Wells Fargo suggests adding to tech stocks on S&P declines, forecasts global recovery in 2024