How are you feeling about the economy in particular because that will drive what the Fed does next?
speaker1
Art Hogan
I think the Fed cuts again in December. The concern over the softening of the labor market hasn't changed much and that really drove the decision back in September and will drive it again in December.
Do you expect the Fed will continue to cut in the new year? Should they cut?
speaker1
Art Hogan
I think the Fed likely has a window to cut at least two more times next year. That's what they penciled in their last summary of economic projections.
What do you say between now and the end of next year?
speaker1
Art Hogan
We could certainly see a 7700 S&P 500 by the end of next year. Just using the fundamental math.
What about just the seasonality of December and Santa Claus rally? Are you anticipating that we might get that?
speaker1
Art Hogan
I think we can trade higher into the end of the year and close at new highs.
What do you say about some of those tech names?
speaker1
Art Hogan
In terms of valuation on the AI darlings or the Mag six, I would certainly say they look very good.