Stocks (^DJI, ^GSPC, ^IXIC) are continuing their impressive performance in 2024, on track to achieve their best week of the year. Amanda Agati, Chief Investment Officer at PNC Asset Management Group, joined Yahoo Finance Live to discuss the current market conditions.
Agati believes the current market is "priced to perfection," stating that she is looking for "a strong catalyst" to propel further market gains. She suggests that "a broadening in earnings growth participation" could serve as a good catalyst, expressing hope that it may materialize in the first quarter.
Regarding earnings season, Agati states, "the challenge is" that earnings growth in the S&P 500, when including the gains from the "magnificent seven" stocks, "tells a very different story" than what the markets are actually experiencing without those seven stocks included. She notes that the S&P 500 appears to have gained year-over-year, but without the Magnificent Seven, the market actually reported a loss.
Agati recommends that investors adopt a "defensive" approach, meaning they should stay fairly diversified and focusing on long-term goals, "while being very valuation conscious."
#stockmarket #youtube #investing
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