Premarket stocks: What keeps Wall Street up at night
CNNA version of this story first appeared in CNN Business’ Before the Bell newsletter. “The Street generally dislikes uncertainty and therefore we sense a desire from fund managers to get a better ‘feel’ for these items before committing to equities for next year,” Tobias Levkovich, Citi’s chief US equity strategist, said in a recent research note. On that last item, Levkovich notes that US households’ ownership of stocks as a percentage of financial assets is near 50-year highs, and that foreign investors are already very exposed. He also said the “WFH lifestyle seems to have impacted younger employees,” according to KBW’s note on the meeting. “He expressed caution given the elevated level of uncertainty that remains and noted the recovery could easily be derailed by a lack of more stimulus, the election, and a second wave of infections,” KBW’s analysts said.