Interest rate moves are concerning: NYSE strategist

New York Stock Exchange (NYSE) senior market strategist Michael Reinking joins Morning Brief anchors Seana Smith and Brad Smith to discuss his current market outlook as the S&P 500 (^GSPC) continues its streak of 36 trading sessions without consecutive drops of 1%.
Reinking observes that despite the S&P 500 achieving “marginal new all-time highs” in recent weeks, “you continued to see the small and mid-cap indices trading pretty poorly.” He points out that defensive sectors, like consumer staples, have outperformed, indicating a “flight to safety” among investors.
According to Reinking, the market is currently navigating two main challenges: a “growth scare” and “negative earnings revisions.” While acknowledging solid quarterly earnings results so far, he notes that full-year earnings estimates “are down about $10.”
Reinking suggests that upcoming Nvidia (NVDA) earnings could potentially reinvigorate the S&P 500 and renew interest in Big Tech stocks. However, he cautions, “For that broadening story to happen, we’re going to need to work through some of the other issues.”
To watch more expert insights and analysis on the latest market action, check out more Morning Brief here: https://finance.yahoo.com/videos/series/morning-brief/
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