Investor buybacks to keep market afloat

At the forefront: Shoppers are seen in Berlin, Germany. Capital spending as a share of sales has recovered to the pre-pandemic five-year average, partly due to surging allocations by the so-called Magnificent Seven tech giants, led by Apple Inc. — Bloomberg

NEW YORK: Stocks started 2024 with a limp. But that could change this week as earnings season kicks off and companies start announcing their plans for share repurchases, something investors hope will help the market keep last year’s rally running.

Bulls may need the support, as hedge funds and retail investors are tilted defensively following the strong end to the year, with worries around the timing of the US Federal Reserve’s (Fed) rate cuts adding to the caution.