This Christmas, investors might want to bet on a lump of coal instead of Santa Claus delivering tangible stock-market gains to Wall Street.
Investors, like kids on Christmas Eve, have come to expect Santa Claus will get down the chimney, march over to Wall Street and deliver the rewarding gift of a stock-market rally.
“The Santa Claus rally is canceled this year as the equity market navigates higher yields and contracting earnings,” said José Torres, senior economist at Interactive Brokers. “Seasonal tailwinds that have traditionally driven Santa Claus rallies pale in comparison to the plethora of headwinds the equity market currently faces.”
“Next week is going to be a huge week for the markets as they attempt to find some footing heading into year end,” said Cliff Hodge, chief investment officer at Cornerstone Wealth, in emailed comments Friday. “Investors are contorting themselves almost into a pretzel and trying to over-interpret the language,” Porter told MarketWatch via phone. “Listen to what they say, not listen to what you want them to say. They [Fed officials] are going to continue to be vigilant, and they have to watch inflation.”
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