Consumer Price Index (CPI) data for December revealed a 0.4% monthly increase and 2.9% year-over-year rise in prices. Core CPI, which excludes volatile food and energy prices, showed a cooler-than-expected 3.2% annual increase. Hennion & Walsh chief investment officer Kevin Mahn joins Morning Brief to discuss his market outlook following this economic data. Mahn emphasizes that investors should be “realistic about their expectations for overall stock market gains.” Drawing from historical data, he points out that since 1950, there have been only nine instances where the stock market rallied 20% or more in consecutive years. In eight of those cases, while the market continued to rise the following year, the average gain was just 3.6%. Looking at monetary policy, Mahn anticipates the Federal Reserve will hold interest rates steady through the first quarter of 2025. This environment, he suggests, will require investors to actively “search” for growth opportunities. His recommended sectors include artificial intelligence companies, software developers, data center operators, hardware manufacturers, utilities, and cooling solutions providers.
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