Morning Wrap: ASX 200 to open at record levels, S&P 500 surges on Fed cut euphoria
Rate cut is bullish for markets – S&P 500 has been higher on a 1, 3, 6 and 12-month basis in each of the last five easing cycles, according to JPMorgan. If the economy does not enter a recession, S&P 500 typically up 17% in the first 12 months. During this period, earnings drove a bulk of the gains and defensives outperformed