This year’s Artificial Intelligence rally led by the so-called “Magnificent 7” has been fantastic if you owned those stocks. The reality is the great bulk of the S&P 500 is treading water for the most part and is not likely to catch up to the hype-driven AI and technology stocks any time soon.
One thing is for sure: with looming storm clouds on the horizon and the potential for at least one more interest rate increase, many strategists on Wall Street feel we will be fortunate to have high single-digit gains for the balance of 2023, and we could very well have a 20% or more significant sell-off in 2024 added to the mix at some juncture.
We screened the Goldman Sachs Conviction List of top stock picks looking for dividend-paying blue chips that growth and income investors can look at now. Six top companies hit our screens, all of which are rated Buy.
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