A report on the current market state from Wells Fargo has stated that the bear market is over, as “a different animal,” looms. Not yet a bull market, the report from Market Watch has stated the interesting observation of the limited upside in current trends.
The news comes from a research note led by Wells Fargo equity analyst Christopher Harvey. Subsequently, it stated, “We see neither a bull nor a bear market, just a market.” Speaking toward the climbing stocks in 2023, with the contextual understanding that there is no “great relation,” on its way.
Bear Market is Over, but No Bull Market is in Store
A research note produced by Wells Fargo has stated that the bear market is over, as “a different animal,” looms. Speaking on the current market trends, the report was sure to state that the market has not relayed a bullish sentiment, but the bear market is indeed over.
“The bear market is over, but it is not the great regulation,” Harvey stated in the research note released today.” Additionally, reports, “We see neither a bull nor a bear market, just a market.”
Wells Fargo is America’s fourth-largest bank, which gives plenty of validity to its sentiments regarding the current market trend. Moreover, they stated “a different animal,” in the US stock market. Calling investors to “expect some giveback, but not a sharp near-term reversal.”
The analysis stated that mid-cap growth stocks show “the best risk/reward,” based on their research. Furthermore, they made clear their preference in pharmaceutical equities, “as the preferred defensive play.”
Conclusively, the S&P 500 jumped 7% thus far in 2023 to nearly 4,092 on Monday trading according to Market Watch. Conversely, the same report notes that the number is not far from the Wells Fargo S&P 500 price target of 42000 for the year.