Welcome to the home for real-time coverage of markets brought to you by Reuters reporters. You can share your thoughts with us at markets.research@thomsonreuters.com

AFTER SELLOFF, STIFEL SEES "NEAR-TERM RALLY BEFORE DOUBLE-DIP DOWN"

"With our 5,500 S&P 500 target essentially reached intra-day (just before 2pm) on Mar-13 (5,505), we declined to lower the target price for the S&P 500 and we continue to see a 'relief rally' S&P 500 bounce, which we are quantifying to be about 5,850 by 2Q25," writes Barry Bannister, chief equity strategist at Stifel, in an America's - Macro & Portfolio Strategy note out on Thursday.

According to Bannister, relief rallies typically boost the old winners (e.g., big tech within cyclical growth), which is something he says that occurs because "many investors are conditioned in a Pavlov's dog sense."

Meanwhile, he thinks longer-term investors should also continue to hold defensive value (utilities, pharma/biotech and life sciences, healthcare equipment & services, household products, commercial and professional services such as waste companies and staples retailing).

He also lumps gold, dividend yield plays, low volatility and quality into defensive value, which he says did collectively well in the correction.

He sees "U.S. economic growth fading and inflation proving sticky/picking up again in 2H 2025, triggering at that time a double-dip later in 2H 2025 after this powerful S&P 500 one-half re-trace to about 5,850 in the near term."

(Terence Gabriel)

*****

FOR THURSDAY'S EARLIER LIVE MARKETS POSTS:

THURSDAY DATA BUFFET: LUKE WARM, BUT NOT UNDERCOOKED - CLICK HERE

WALL STREET INDEXES SLIP INITIALLY, BUT THEN PULL UP TO SMALL GAINS - CLICK HERE

S&P 500 INDEX: WILL THE 200-DMA CAP THE CLAW BACK? - CLICK HERE

EM EUROPE VALUATIONS HAVE GOT AHEAD OF GROWTH EXPECTATIONS - CLICK HERE

GERMANY'S 500-BLN EURO FUND - HOW TO SPEND IT? - CLICK HERE

REAL ESTATE UP, STOXX MUTED, BANKS DRAG - CLICK HERE

BEFORE THE BELL: EYES ON BOE, SNB AND RIKSBANK - CLICK HERE

CENTRAL BANK BATON PASSES TO EUROPE - CLICK HERE