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As long-standing recession alarms continue to blare from some forecasters, investors don’t appear to hear them.
The S&P 500 this year, when excluding the ten largest companies, stands at single-digit gains.
Looking ahead, Agati and Moya said they expect the stock market to decline over the remainder of the year, ending 2023 with positive but modest returns. The full economic cooling-off effects of central bank rate hikes have yet to take hold, they said, adding that inflation may not return to normal levels as soon as investors hope.
"The rally will stall out here," Moya said.
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Stoltzfus, however, said there's a "good chance" the stock market will end the year higher than it currently stands.
"We have maintained a fairly bullish posture," he said. "Where the market is trading right now would suggest to us that it has further to go this year."
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