[January 08, 2019]

Nuveen's Bob Doll Shares Ten Predictions for 2019

Nuveen, a leading global investment manager, conveyed the investment and economic expectations of its chief equity strategist, Robert C. Doll, for the year ahead.

"Despite strong fundamentals and positive economic trends, conflicting data in recent weeks will cause investors to second guess themselves," said Doll. "The New Year is unlikely to reduce investor anxiety, regardless of underlying economic strength."

In Ten Predictions for 2019: Choppy and Frustrating, But No Recession, Mr. Doll outlines a series of mounting challenges facing investors but stops short of calling for a recession in 2019:

1. The U.S. expansion becomes the longest in history despite GDP slowing to a still-above-trend increase of 2% to 2.5%.
2. Unemployment bottoms in 2019 while wage growth continues to rise.
3. The Treasury yield curve flattens and credit spreads widen due to late cycle concerns.
4. Corporate earnings growth estimates weaken for 2019 and 2020 as both revenue and profit pressures rise.
5. U.S. equities experience a positive return, but fail to reach record highs for the first time in 10 years.
6. Non-U.S. stocks outperform U.S. stocks as the dollar sags.
7. The information technology, financial and helthcare sectors outperform utilities, REITs and materials.
8. The annual federal budget deficit approaches $1 trillion, a level unprecedented absent a recession.
9. U.S. and global politics spark more market volatility as the cold wars within the U.S. and with China persist.
10. A double-digit number of Democrats run for president while President Trump is challenged within his own party.

About Nuveen

Nuveen, the investment manager of TIAA, offers a comprehensive range of outcome-focused investment solutions designed to secure the long-term financial goals of institutional and individual investors. Nuveen has $988 billion in assets under management as of 9/30/18 and operations in 16 countries. Its affiliates offer deep expertise across a comprehensive range of traditional and alternative investments through a wide array of vehicles and customized strategies. For more information, please visit www.nuveen.com.

Investing involves risk; principal loss is possible.

The views and opinions expressed are for informational and educational purposes only as of the date of writing and may change at any time based on market or other conditions and may not come to pass.

The information contained on the Nuveen website is not part of this press release.

Nuveen Securities, LLC, member FINRA and SIPC.

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