The S&P 500 may have already put in its low, at least if you ask Ed Yardeni, who is sticking to his call that Monday marked the bottom.<\/p>\n
In a CNBC interview, he did not sound shaken by the recent volatility. He is still holding onto his 7,700 year-end target and pointed out that the roughly 9% pullback we just saw fits pretty well with the kind of 10% to 15% correction he had been expecting. In his view, that kind of reset was needed, and it may already be done.<\/p>\n
What shifted the mood, according to him, was geopolitics. He thinks recent developments around Iran gave markets the clarity they were missing, easing fears of a longer, more drawn-out conflict. Even with oil prices moving higher, he does not see it as a major threat to the U.S. economy, especially since the U.S. benefits as an energy producer.<\/p>\n
He also sees opportunity in tech again. After the pullback, valuations for the Magnificent Seven dropped from around 31 times earnings to closer to 22, which made him more comfortable moving back to a market-weight position.<\/p>\n","protected":false},"excerpt":{"rendered":"The S&P 500 may have already put in its low, at least if you ask Ed Yardeni, who…\n","protected":false},"author":2,"featured_media":281707,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[45,49,48,46],"class_list":["post-580368","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-ca","tag-canada","tag-economy"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/580368","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=580368"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/580368\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/281707"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=580368"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=580368"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=580368"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}