Stocks (^DJI, ^IXIC, ^GSPC) are dialed into the Federal Reserve’s interest rate cuts, expected to be announced later today as investors attempt to price in whether the central bank will cut rates by 25 or 50 basis points. What sectors is Wall Street most bullish on as traders look long-term into the Fed’s rate-cutting strategy?
“We’d have to say that… where we are right now it would be technology (XLK), communication services (XLC), consumer discretionary (XLY), and financials (XLF), we think are very important to own at this point,” Oppenheimer Chief Investment Strategist John Stoltzfus tells Yahoo Finance, going on to share his outlook on Big Bank stocks
Stoltzfus finds himself in agreement with JPMorgan Chase (JPM) CEO Jamie Dimon’s commentary that the Fed cut won’t be “earth-shattering” — “he’s got a good point here” — while Stoltzfus still believes the Fed is doing “a good job.”
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