President Joe Biden’s exit from the U.S. presidential race has left some to question the impact of his decision on gasoline prices at the pump, with more than a month left until the end of the summer driving season.
BofA Global Research strategists said a sustained stock-market rotation hinges on a 10-year Treasury yield below 4% and an ISM manufacturing PMI above 50.
Stocks that directly benefit from investment in manufacturing and infrastructure are trading at a discount relative to the S&P 500, according to BofA Global Research.
Another Wall Street analyst backed away from their bullish call on American Airlines Inc.’s stock, citing the fallout from management’s missteps regarding its plan to boost direct sales.