Improved earnings estimates for a few select tech companies show why their stocks are outperforming peers.
The market rally over the last month hasn't been driven by the "Magnificent Seven" tech stocks, a promising sign that it has legs.
With inflation cooling and the Federal Reserve signaling interest rate cuts in 2024, many investors and analysts seem to be adopting a bullish outlook for 2024. Could the market build upon its recent rally in 2024? Or are analyst and investors too optimistic? Julian Emanuel, Senior Managing Director of Evercore ISI, joins Yahoo Finance to discuss why he believes the market is not out of the woods just yet and why investors should consider a more defensive position. Emanuel says he wants to be defensive in 2024, but notes that "defense can have certain different connotations... It's interesting that communication services is defensive even in a recession because you're going to get ad spend on both the election and the Olympics, consumer staples has not been able to "bank" any of the benefits of declining input costs. Remember, commodity prices have been down substantially the last several months as well as the benefits as yields coming off." For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.