A report on the state of the current market from Wells Fargo says the bear market is over, as a “different animal” looms. Not a bull market yet, the Market Watch report made an interesting note of limited upside in current trends.
The news comes from a research note led by Wells Fargo equity analyst Christopher Harvey. After that, he said, “We see neither a bull market nor a bear market, just a market.” We talk about high stocks in 2023, with the contextual understanding that there is no “great relationship” on its way.
Wells Fargo is the fourth largest bank in America, which gives a lot of validity to its sentiment regarding current market trends. Moreover, they mentioned a “different animal” in the US stock market. Calling on investors to “expect some rebound, but not a sharp reversal in the near term.”
The analysis stated that mid-cap growth stocks show the “best risk/return” based on their research. Furthermore, they have indicated their preference in pharmaceutical stocks, “as the preferred defensive play.”
Conclusively, the S&P 500 has jumped 7% so far in 2023 to nearly 4,092 in Monday trading, according to Market Watch. Conversely, the same report indicates that the number is not far from the Wells Fargo S&P 500 price target of 42,000 for the year.
