Read the full article on FactSet Insight.
Excerpt:
Key points
- There has been an increase in the net number of companies cutting dividends in recent months
- While current GDP growth is strong, expectations for a mild 2023 recession grow
- Fund managers seek safety rather than aggressive corporate capital spending plans as they find the right equities to own heading into the new year
The S&P 500 surged to cap off a positive November. A not-so-hawkish speech from Fed Chair Jerome Powell was the spark needed to finally send U.S. large-cap stocks above their collective 200-day moving average for the first time since April. The bullish thrust came ahead of what is usually a cheery time on Wall Street. Historically, December results in a positive return for the S&P 500 72% of the time, with an average return of 1.3% in data going back to 1950. With impressive recent retail earnings, the tone is positive on Wall Street...for now.
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