Macro Briefing: 18 June 2024

* US stocks (S&P 500) close at another record high on Monday (June 17)
* AI optimism persuades 3 Wall Street banks to lift stock market forecasts
* Central banks expected to boost gold holdings due to US dollar pessimism
* China’s housing slump deepened in May, prompting calls for more gov’t action
* California-based electric-vehicle maker Fisker files for bankruptcy
* NY Fed Mfg Index indicates contraction in June–seventh straight decline:

US stocks have outperformed over the past decade relative to predictions. Is a repeat performance possible? “Yes,” explains Morningstar’s John Rekenthaler. “Stocks can repeat their feat, although I do not think they will. Perhaps a better question is whether US equities should remain an investment cornerstone, not just for American investors, but for shareholders worldwide. I don’t see why not.”