Where is the tipping point for US Stocks?

• Maintains a positive outlook on equities, driven by strong fundamentals and earnings trajectory, with tech and the broader S&P 500 contributing.
• Advises a 'pause' on gold due to shifting correlations, with real yields and the dollar reasserting as key drivers.
• Expresses caution on bond yields, calling the combination of inflation and central bank rate cut pricing a 'toxic mix' for cyclical parts of the market, with 4.5% on the US 10-year yield as a potential equity tipping point.
• Favors Asia Tech (Korea, Taiwan) over China, citing strength in the memory and semiconductor cycle.
• Upgraded view on the US dollar, playing it versus the euro, highlighting US energy independence and a political risk premium.
• Emphasizes focusing on fundamentals during geopolitical shocks, as these are often short-lived compared to economic factors like labor market weakness or higher rates.

Mina Krishnan from Schroders discusses market outlook amidst Iran tensions, remaining positive on equities due to strong fundamentals and earnings, especially in Asia Tech. She advises a cautious stance on gold and bond yields, noting a 'toxic mix' for cyclicals due to inflation. The US dollar is favored against the euro, driven by US energy independence.