Wells Fargo Warns Fed Rate Cut and Additional Catalysts Could Trigger Pullback for Group of Assets – Here’s the Bank’s Outlook

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Banking titan Wells Fargo is unveiling a scenario that could trigger a correction for artificial intelligence (AI)-focused stocks. In a new CNBC interview, Chris Harvey, the head of equity strategy at Wells Fargo Securities, says investors are skeptical about the sustainability of stock market rallies after equities rebounded in a massive way from the April lows. Rather than a pullback, Harvey expects the stock market to consolidate as he sees the Fed cutting rates in the coming months. “A lot o...