Russell 2000 Set for a Stellar 50% Leap in 2024, Forecasts Fundstrat’s Tom Lee
Tom Lee of Fundstrat Global Advisors forecasts a 50% rise in the Russell 2000 for 2024, citing its relative value akin to 1999 levels—a prelude to a 12-year outperformance streak. Backed by the Fed’s dovish stance and increasing CEO confidence, Lee anticipates heightened M&A, IPO activities, and sector diversification to drive growth. With the index trading at appealing price-to-earnings ratios and a significant biotech presence, small caps could notably benefit from impending Fed rate cuts. (CNBC)
Traders Eagerly Await Key Earnings from Darden, FedEx, and Nike
Ahead of Thursday’s market bell, traders are set to closely watch earnings reports from Darden Restaurants, followed by FedEx and Nike after closing. Darden is expected to show a profit increase, with a forecast of $316 million and an earnings per share of $2.62. FedEx, facing a challenging period, anticipates a revenue of $22.02 billion and EPS of $3.50. Nike, with slowing revenue growth, expects earnings at $0.75 per share amid cautious market sentiment. (MarketWatch)
FCC Investigates Amazon, Others for Marketing Illegal Wireless Jammers
The Federal Communications Commission (FCC) is probing Amazon and other retailers for allegedly marketing and selling wireless signal jammers. FCC spokesperson Will Wiquist confirmed ongoing investigations into possible violations of rules against selling devices that disrupt legitimate signals, such as cellphones and GPS units. The details of other retailers involved remain unspecified. This investigation, first reported by NBC News, highlights the sale of these illegal devices on Amazon’s marketplace, which has yet to comment on the matter. (CNN)
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