Kristina Hooper, Invesco’s chief global market strategist, believes multiple rate cuts could be possible in 2024.

Despite disappointing existing home sales data, Hooper remains optimistic about potential rate cuts in 2024, suggesting the possibility of two or even three cuts.

Hooper attributes the current tech sector rotation to anticipation of these rate cuts, which could prevent an economic downturn and lead to re-acceleration, benefiting cyclically sensitive stocks.