7/31/2023
By Charles Payne CEO & Principal Analyst

Another week and another move higher for the S&P 500 was again led by Technology (XLK) and Communication Services (XLC). The latter rallied a jaw-dropping 6.9% to lift the year-to-date return to 45.7%.

No Run On the Banks

After Silicon Valley Bank (SVB) blew up, some analysts said there wouldn’t be a run on banks but something more akin to a walk. It turns out most folks are okay with getting 0.42% when they could easily get 4.5% or more in money markets and bonds.

Cash is seeping out of bank accounts and the snowball is gaining speed. It remains to be seen if it will become a boulder. Remarkably, so many folks are missing out on earning (almost) risk-free money.

To read the full report contact your account representative or email Info@wstreet.com 

Charles Payne
Wall Street Strategies

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