The Stock Market Is ‘Arguably’ Overbought, According to Yardeni Research
Stocks have been on a tear recently, but they may be due for a pullback in the near future, according to Ed Yardeni of Yardeni Research. Yardeni wrote “Arguably, the bull market is overbought, and there are too many bulls,” He believes that meltups can go on for a while, but like Icarus, they could fall to a meltdowns if they rise too far too fast.
China’s Xiaomi Unveils its First EV
Chinese consumer electronics company, Xiaomi revealed its long-awaited electric car on; Thursday. The car design is called the Xiaomi SU7, pronounced “Sue Qi” in Mandarin, and CEO Lei Jun emphasized that it will be in trial production with availability in a few months, and the price has yet to be confirmed. The SU7 is set to compete with car models from Tesla and Porsche.
Record High for S&P 500 Could Signal a Winning Year Ahead
According to Carson Group chief market strategist Ryan Detrick, fresh record highs for the S&P 500 have historically been a good omen. Detrick said that since 1950, when the S&P 500 hits a record high for the first time in over a year, the next 12 months have seen positive returns 13 out of 14 times.
Market Stats
As of one trading day left in 2023, the Nasdaq Composite is on track for its best yearly performance since 2003 when it gained 50.01%. Similarly, the Russell 2000 is set for its best monthly performance since November 2020. The S&P 500 is also on pace for its fourth positive year in five and its fourth-quarter up 11.55%.
Futures Open Trading Little Changed
Stock futures opened flat on Thursday evening, with futures for the S&P 500, Dow, and Nasdaq 100 all moving less than 0.1%.
(News Article created using content from CNBC)