Brian Levitt of Invesco argues the equity rally is broadening beyond mega-cap tech, driven by strong earnings, lower energy prices, and a resilient economy. He believes the Fed is unlikely to hike rates despite hawkish rhetoric, as inflation expectations are contained and the bond market signals stability. He sees opportunities in financials, health care, and small/mid caps, and views AI as a long-term structural trend that will persist despite periodic volatility.
implicit
implicit
implicit
Metals
USD
semiconductors (SOX) cautious up
Invesco
8.5
Asset Manager $1000.00B
Brian Levitt 9.5
Asset Manager $1000.00B
Brian Levitt 9.5
$SPY; Fed funds
7/1/2026 5:56:13 PM
ndx
Levitt is positive on the broader market but notes the bar for tech is very high. He sees AI as a long-term driver but expects periodic volatility. The NDX is likely to grind higher but with caution given elevated valuations.
rut
Small caps have done well. The small-cap index is at an all-time high. The economy is healthy and providing a catalyst for other parts of the market.
| 4/1/2026 12:46:07 PM | medium term cautious up | 20 days later | +10.09% | +5.05% |
wti
Levitt references oil falling from $110 to $68-$70 as a disinflationary tailwind. He does not forecast a sharp rebound, implying oil remains rangebound in the near term.
yields
Levitt argues the Fed is unlikely to hike despite hawkish rhetoric, and the bond market is already pricing in stability. He sees rates as more likely lower than higher over the next year, implying a rangebound or sideways outlook for yields.
