Heading Into Earnings Season, Lots of Tech Stock Upgrades

Now that 2020 is well underway, investors should already be looking past the 2019 mega-gains of 28.9% in the S&P 500 and closer to 35% for the Nasdaq. The base case is for the major stock indexes to generate returns of about 7.4% in 2020, but there still is a case for stocks to climb 10% to 12% if certain things come about in 2020. The phase-one trade pact with China already has played into the potential upside scenario, but now many companies are going to have to play a direct role in the stock market's gains for 2020.