Stock market still has ‘a lot of catching up to do,’ strategist says

After two consecutive losing weeks for US equity markets (^DJI, ^IXIC, ^GSPC), was a pullback inevitable after a strong first-quarter start to 2024?
Charles Schwab Senior Investment Strategist Kevin Gordon joins the Morning Brief in-studio to talk about which parts of the market are pricing in Federal Reserve interest rate cuts the hardest, as well as which sectors have been playing a game of catch-up heading into this trading year.
“When we came into ’24, even with the strength that you had seen across an array of sectors in October, November, and then December to finish out the year, you had a lot of catching up to do for a considerable chunk of the market,” Gordon tells Yahoo Finance. “When we came into ’24, about half of the S&P 500 was still trading lower than where it was in January of 2022 and a lot of that was concentrated in deeper cyclicals like energy and financials and industrials and even materials. So, I think that there’s still a lot of catching up to do there…”
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