Shannon Saccocia, CIO, Boston Private

Aetna's medical loss ratio (MLR) came in lower than expected and sees that for similar companies and a boost for this sector.

Trump wants to reduce energy price. Near-term, any resolution in the Russia-Ukraine war will put pressure and a ceiling on oil prices.

She expects financials to thrive in 2025.

They boast 70 million ad subscribers. They have tackled every single challenge in the past and thrive. They can be profitable and can afford to explore new areas like live sports.

Small-caps do well in wider economic growth and falling interest rates, which Powell signalled yesterday.

Deregulation (under Trump as expected) and private equity in the areas of industrials, tech and consumer are two drivers. The banks enjoyed a major rally this week.

She expects global industrial production to rise and there's demand for a meaningful infrastructure build.

The market rally started to broaden in April-March, but fizzled in May-June. That's why the market is hesitating to rotate now--is the Dow and small-cap rally today a blip or a true broadening out?

Energy, tech and healthcare will likely lead sales growth in the second half of 2024.

Biotechs look speculative in profitability. She prefers big pharma, seeing continued value, despite big moves in stocks.

Transports haven't seen a tailwind lately. Has the sector bottomed? The timing is tough for transports now.

Second-half 2024 comps in earnings are compelling.

Energy is up 3% this week. People are driving and gas demand is up big, but expect volatility.

They're focused on their growth projects in Arizona and Indonesia, and are not focused on M&A, despite talk of the M&A cycle in materials heating up. This is driven by copper prices, but FCX is worth watching.

The buyback buys them some time, a smart move. Think of the refresh cycle later this year. But AI needs to be more relevant to their installed base to support that refresh. It's a second-half, show-me story.