Better-than-feared earnings have spurred investor optimism for a second-half recovery. But weakness in some recent macroeconomic data points to trouble ahead.
Investors are in for a rocky second half of the year, so it's time to take a look at stable earnings growers, says Morgan Stanley's top strategist Mike Wilson. Stocks have had a solid run to start the year, with all three major averages higher, driven in part by confidence that the Federal Reserve will ease up on its tight money policy later in 2023. The Dow Jones Industrial Average is ahead 2.8%, and the S & P 500 has climbed more than 8.5%.
Megacap tech stocks continue to bolster the major averages, but the S & P 500 Equal Weighted vs. Cap Weighted Index ratio may be starting to break down, Wilson noted. "We continue to believe that if this were the start of a new bull market, these breadth measures would be showing significant signs of improvement," Wilson said. In this uncertain climate, the strategist said he prefers stocks with stable earnings. He turned up names in the top 1000 U.S.
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