Strong Economic Data Keeps Recession Fears at Bay
July 27, 2023 - The market capitalization of Apple recently exceeded that of the Russell 2000 small cap index. Meanwhile, buzz around artificial intelligence and its potential to change entire industries continues to grow. Rick Pitcairn in this episode of the Market in Five Charts says he sees similarities to 1999 as a revolutionary technology – artificial intelligence – sparks investor interest and extreme valuations on a few select stocks. Also notable is the decline in headline inflation, which has encouraged investors to be bullish. However, core inflation is proving to be much stickier. “We think the Fed is actually going to keep their foot on the economic brake more than the market is anticipating right now,” Pitcairn says.