2025 equity outlook: Five themes based on market history
Uncertainty is high—and that has been good for stocks in the past
- Near the end of 2024, I’m seeing several trends that have been historically bullish for the stock market relative to the bond market.
- Bottom-quartile valuations point to a potential opportunity for financials stocks in 2025.
- Low-valuations and relatively fast earnings growth suggest consumer discretionary stocks may outperform in the new year.
- A historically uncommon occurrence suggests utilities stocks may underperform over roughly the next 12 months.
- The combination of earnings acceleration and low relative valuations may be a positive for mid cap stocks.
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