, others are confident that the path of least resistance for US stocks is higher.
Jason Draho, a colleague of Bernstein's and the head of asset allocation Americas at UBS Global Wealth Management, agreed with that assessment. He said that once economic data held up, investors capitulated by re-adding exposure to stocks — and not just market leaders. "Better breadth makes for a healthier tape," said Jack Caffrey, an equity portfolio manager at JPMorgan Asset Management, in an interview with Insider.
"The bar will actually be on the higher side in order for the Fed to prove they need to continue to raise rates over the next several months," said Michael Sheldon, chief investment officer at RDM Financial Group, in an interview with Insider. "What's happened in 2023 with this focus on technology, particularly AI, there's a very late-'90s feel to the acceleration to the upside," Keller said."And now what's happened is it's pushed pretty much all the major benchmarks, as well as those leading companies, to be overbought."
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