Joel Elconin, Co-Host of the Benzinga PreMarket Prep Show joins us to recap a wide range of market moves kicking off 2023, and proposes we may in a new normal where interest rates, P/E Ratios for company valuations, and even the trend in general markets may be sideways for a period of time.
We start with US markets, where investors seem to have more of a risk appetite for tech stocks and sectors that have sold off harder, and less of an affinity for the value sectors like healthcare, utilities, and energy stocks at present. Q4 earnings season is the main thing investors are focused on at present.
Joel mentions that the financial stocks have held up better than many anticipated, focused on JP Morgan as a key bellwether stock in that sector, which has kept him less bearish than many commentators in the main stream financial media. He sees key support in the S&P 500 around the $3800 price level, and mentions that the markets could just trend sideways in range trading for much of the first part of this year.
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