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- US stocks have enjoyed a "surprisingly good start" to the year, with benchmark indexes like the S&P 500 rallying.
- The equity gains have been driven mainly by expectations that the Federal Reserve could start cutting interest rates this year.
- But bearish investors like Michael Burry are warning the market could be wrong. Here's why.
US stocks just had their best start to a year since 2019 – a stark contrast from the mood only weeks ago, when investors were angst-ridden about surging interest rates and the threat of a recession.
The benchmark S&P 500 index is up almost 6% so far in 2023, after a 17% slump last year that was the worst since the 2008 credit crisis. Its advance last month was the best for a January in four years.