FOMO still ‘ruling the market’ says Wharton’s Jeremy Siegel, as investors hold out for an elusive rate cut to boost prospects
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Jeremy Siegel, Professor of Finance at the Wharton School, remains hopeful that pockets of activity in the U.S. economy will keep it on the path away from recession. While jobless claims hit a 10-month high at 242,000, inflation remained unexpectedly unchanged in May. The market is boosted by fear of missing out (FOMO), particularly in AI-related stocks like NVIDIA. Despite concerns of a bubble, investors remain bullish on AI. Siegel believes a further boost will come when the Fed begins cutting rates. Wall Street could be holding out until the end of the year for a rate cut.
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https://fortune.com/2024/06/18/fomo-artificial-intelligence-ruling-market-wharton-jeremy-siegel/
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