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S&P 500 could be higher without oil spike and lower P/Es, Michael Kantro notes

S&P 500 could be higher without oil spike and lower P/Es, Michael Kantro notes
S&P 500 influenced by oil and rates

Michael Kantro highlights that the S&P 500 would have posted a further 5% gain year-to-date if price-to-earnings (P/E) ratios had not declined and if there had not been a spike in oil prices.

According to Kantro, changes in interest rates are crucial catalysts for movement in P/E multiples, with lower rates typically supporting higher P/Es and vice versa. He adds that the strongest market years are often those when P/E multiples expand.

Kantro has previously discussed the persistence of the 10-year treasury yield during an appearance on Fox One. In a separate outlook, he suggested that the next economic phase could bring faster growth, lower inflation, and falling rates in comments on market conditions. His recent remarks build on these earlier views on rates and market performance.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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