For stock market investors, a lot may be riding on oil prices as the Russia-Ukraine war persists.
For stock market investors, a lot may be riding on oil prices as the Russia-Ukraine war persists, according to Bob Doll, chief investment officer of Crossmark Global Investments.
Doll said he still feels “comfortable” with his U.S. stock-market forecast, assuming the war remains contained to Ukraine and soaring oil prices don’t see “a big spike.” In his view, “$100 oil won’t create a recession” this year, but crude prices “will have a lot to say about” whether the U.S. winds up in a stagflationary environment.
U.S. stock benchmarks rose sharply Thursday, with the S&P 500 SPX, +1.23% climbing 1.2% to close at 4,411.67 for its third straight daily gain. Still, the stock market has been volatile this year, with the S&P 500 down 7.4% through Thursday, after finishing 2021 at about 4,766, according to FactSet data.
Doll said he tends to prefer value over growth equities in the current environment, though not as much as at the start of this year because of the already large outperformance of value stocks. “My guess is half of the value vs. growth advantage has been taken out of the market,” he said. Read: Treasury yield curve risks inverting relatively early after start of Fed rate hike cycle, warns Deutsche Bank
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