The stock market may be off to a great start in 2023, but investors should be “mindful about not being bullied” by the rally, says Wealth Enhancement Group’s Nicole Webb.
She warns that it won’t last.
The S&P 500 is up 7% so far this year, while the tech-heavy Nasdaq 100 has surged roughly 15%. Webb, a senior vice president and financial adviser at the firm, joined the What Goes Up podcast to discuss her views on the market and the speediness of the recovery.
“To us fundamentally, does technology make sense from a valuation standpoint?” she said. “Much of this rally in mega-technology—or if you even want to just call it a Nasdaq rally year to date—it’s a little bit of an unwinding of the selloff of last year, probably closely followed by a bit of a FOMO rally.”
“We’re not bullish on the stickiness of this as we don’t see any type of Fed pivot” from rate hikes in the near term.
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