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Bank of America: S&P 500 Headed for Fourth Consecutive Year of Double-Digit Gains; Materials Sector Next to Rally

GateNews
IndicesStocks

According to Bank of America’s Michael Hartnett team on May 8, the S&P 500 is on track for a fourth consecutive year of double-digit gains, a historically rare occurrence. The index is currently posting an annualized gain of approximately 20%. Hartnett and his team predict materials stocks will emerge as the next major outperforming sector, currently representing only 2% of the S&P 500 near 30-year lows. Geopolitical competition for resources, increased military spending, AI capital expenditure surge, and efforts to address housing shortages are expected to drive materials into a new bull market phase.

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