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Russell Investments indicated on Thursday morning that while global markets exceeded expectations in 2023, 2024 looks to be a little more cautious due to restrictive monetary policy, slowing growth, and geopolitical tensions around the world.
“Despite all this, markets are pricing closer to a smooth landing in 2024. We aren’t as confident about that, but we still see opportunities in a total-portfolio context,” the investment firm noted.
From an investment point of view Russell Investments stated that it prefers quality equities due to their relative value and defensive characteristics. At the same time the investment institution said its also attracted to real estate investment trusts and global listed infrastructure.
“We expect that 2024 will be the transition year that the consensus anticipated for 2023. The over-pessimism about 2023 has become over-optimism for 2024.”
The investment firm spotlighted in a 2024 outlook note that equities have limited upside with expensive valuations and recession risks remain on the horizon.
“We estimate that recession risks and macro uncertainty remain elevated in 2024.”
Switching gears to Thursday’s trading, the Nasdaq Composite (COMP.IND), S&P 500 (SP500), and Dow (DJI) along with each of their mirrored ETFs (DIA), (SPY), (VOO), (IVV), and (QQQ) all trade to the topside with the Nasdaq out in front.
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