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Stocks (^DJI, ^IXIC, ^GSPC) are trading in the green ahead of Friday’s market close, the major indexes digesting June’s jobs report which has reignited speculation about a potential Federal Reserve interest rate cut Oppenheimer chief investment strategist John Stoltzfus joins Market Domination to share his market outlook. Stoltzfus says that the June jobs report “very clearly” indicates the resilience of the job market. He commends the Federal Reserve, stating, “The Fed’s done the job,” though he acknowledges there’s still some work left. Notably, Stoltzfus points out that “they have yet to push the economy into a recession,” adding, “the economy appears to be larger than the negative pitchbook at this time,” which he believes creates a favorable environment for equities. When questioned about his S&P 500 year-end target for 2024, Stoltzfus reveals it’s under review due to the market’s consistent outperformance of his current projections. “Our targets are based on… fundamentals. It has to be the trends that we see both in economic data as well as in revenue growth, and earnings growth,” Stoltzfus tells Yahoo Finance. For more expert insight and the latest market action, click here to watch this full episode of Market Domination. This post was written by Angel Smith
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