Economics
Evercore Sees Tailwind Into Year-End for U.S. Stock Market
- Valuations should stay near current levels, DeBusschere says
- Momentum screen turns up companies like Chipotle, Walmart, UPS
This article is for subscribers only.
U.S. equities should rise into year-end amid stabilizing economic growth and increased chances for a tariff rollback, according to Evercore ISI.
Valuations are likely to remain near current levels as financial conditions will probably remain easy, and given earnings estimates for the S&P 500 Index into 2020, the gauge should be biased higher into year-end toward the 3,150 level, Evercore strategists including Dennis DeBusschere wrote in a note Nov. 10. The benchmark closed at a record last week, and futures were down 0.4% as of 9 a.m. Monday in New York.