The first-quarter US GDP (gross domestic product) print grew by 1.6%, a slower pace than was expected for the quarter. Carson Group Chief sector Strategist Ryan Detrick joined the Morning Brief to discuss his sector outlook following pressures sparked by the latest data print.
Detrick points out that, historically, markets “tend to be a little weak” at the start of an election year, calling the current sector environment “normal.” He is not “overly concerned that the economy’s slowing down” when taking the GDP print into account. Detrick expresses optimism that the economy is moving in the right direction, stating that “inflation’s not perfect”; however, he still believes that two to three loan charge rate cuts could materialize in 2024.
On the earnings front, with markets spooked after Meta Platforms’ (META) earnings report and second-quarter guidance, Detrick cautions against drawing broad conclusions from a single enterprise’s performance: “It’s hard to just say one enterprise matters for everybody.” However, he advises adopting a neutral stance on Big Tech due to group’s pricy equities.
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