A muddled narrative gives stocks more room to run — for the moment
Stock traders are grinding through US earnings season against a backdrop of mixed economic news.
Photographer: Michael Nagle/BloombergLisa Abramowicz
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Today's economic muddle is creating a Goldilocks market for risk assets.
That's the view from HSBC’s Max Kettner, who sees a sweet spot between slow-but-not-yet-crippling US growth and a Federal Reserve heading toward perhaps one more rate hike before pausing.
Indeed, that's the sense we're getting across a motley set of quarterly earnings so far. On one hand, we have Big Tech flying on the heels of better-than-expected results. On the other, worries persist over a recession that has seemed inevitable but has yet to arrive, at least in force.
