European markets expected to open lower as investors digest a week of data
and industrial production. The strategist warned that consumer spending might weaken in the next several months, noting that stimulus checks and saving rates are waning.
"We're either going to see slower growth and a slowdown and disinflation, or, if growth is resilient, that means that inflation might have a little bit more room to run and therefore the Fed has to hike," Pandit said. "Either way, that's a little bit pessimistic for risk assets." Pandit said the firm is seeing an environment of downward revisions in the U.S., noting that valuations of U.S. stocks are comparatively expensive to international stocks, which she said are trading at a 30% discount.Stocks are mixed on a weekly basis following Thursday's action.
The Dow Jones Industrial Average is the laggard of the three, posting a 0.51% loss for the week. The 30-stock index is on track for its third consecutive week of losses, a first since its three-week losing streak ended in September. The Nasdaq Composite is the outperformer, with a 1.18% gain. The tech-heavy index is on track for its sixth positive week in seven.CNBC Pro: This semiconductor stock is soaring — and is set to rise another 20%, Morgan Stanley saysiShares Semiconductor ETF2023 will be a "recovery year" for semiconductors, according to Morgan Stanley, and the bank has raised its price target on one "high quality" chip stock.
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