Page 19 - Nalyst Note News Today

"Stocks may be due for a technical correction, but the underlying economic fundamentals should limit any downside move," Ed Yardeni said.

"The bottom line is we remain overweight stocks and underweight bonds, with new highs this year not very far away for stocks," Detrick said.

"The wall of worry could continue until investors feel pain in long bonds or FOMO in equities," Bank of America's Savita Subramanian said.

"Retail's uptick in buying can extend over the coming weeks and, in turn, support equity markets' grind higher," Vanda Research said.

A 14% gain in the stock market sparked by AI-induced profitability gains would send the S&P 500 to record highs near 4,900.

JPMorgan's Marko Kolanovic said that liquidity in US markets "will contract by another $1.1 trillion from here till year-end."

"Net-net, we gain more confidence Nvidia can support long-term earnings per share above $20, based on 65% accelerator market share," BofA said.

Goldman Sachs said stabilization in the housing market gives it confidence that the US will see GDP growth of 1.8% in 2023.

"History does support the idea that May's job growth pushed back the start of a US recession by at least six to 12 months," DataTrek said.

"Consensus opinion is the headset would cost $3,000. Apple could surprise positively with a lower price," BofA said of Apple's rumored headset.