Huge power
Investment funds bought stocks last month for the first time since February, fear of missing out on the opportunity outweighing the impact of economic worries, according to Barclays strategists.
These strategists, led by Emmanuel Coe, wrote: “Fear of missing out saw frustrated pessimists turn to cautious optimism. It is notable that stock buying continued despite negative expectations regarding the performance of the economy and markets.”
Meanwhile, BlackRock issued an optimistic bullish recommendation on AI-related stocks amid a rally that puts the Nasdaq 100 on track for its best first half year ever.
“A massive force like AI can become a great engine of revenue even when the macro environment is not favorable,” wrote the company’s strategists, including Jean Boivin, Wei Lee and Vivek Paul. “A long-term investor can look beyond some short-term losses.”
In other corporate news, General Mills stock fell after the food producer announced that higher prices would no longer make up for slowing sales as inflation-exhausted shoppers cut spending.
Netflix stock gained during the session after Oppenheimer raised its price target.
On the other hand, oil prices rose after a US government report showed that crude inventories nationwide fell by the most in two months, exceeding market expectations.
2023-06-28 21:16:09
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