Markets in Asia and Europe were all over the place this morning—Europe was down in early trading as were the major indexes in Japan and India—but China and South Korea rose, following a good day for U.S. stocks on Tuesday.
The S&P 500 closed up 0.72% yesterday, putting it back in positive territory by 0.084% for the year to date. S&P futures were marginally down prior to the opening bell.
Wall Street is currently up to its armpits in bullish research notes.
At Goldman Sachs, Peter Oppenheimer and his team told clients that equities were out of their bear market status. “Our view remains that we are not likely to experience a structural bear market. While valuations of equities, particularly in the US, are high, they have been largely reflective of strong fundamentals and so there has not been a bubble …The announcement of a 90-day pause in the retaliatory tariffs imposed in April, which will leave the US and China with 2025 tariff increases of +30pp and +15pp, respectively, is much better than we had expected.”
“We believe the market opportunity in Saudi Arabia could over time add another $1 trillion to the broader global AI market in the coming years and this dynamic is not being priced into the market and tech names in our view,” Wedbush’s Daniel Ives and his team told their clients.
Here’s a snapshot of the action prior to the opening bell in New York.
