Wharton professor Jeremy Siegel sees an 'upward tilt' for stocks during the rest of 2023 – and says there's no clear sign of a recession

• "Wizard of Wharton" Jeremy Siegel says US stocks are on track for an "upward lift" during the rest of 2023.
• The top economist also emphasized the underlying strength in the economy, saying there are no clear signs of recession.

Wharton finance professor Jeremy Siegel said US stocks will likely maintain an "upward tilt" this year – and emphasised the resilience of the world's largest economy.

The esteemed economist, also dubbed the "Wizard of Wharton," shared his outlook in a weekly WisdomTree blog.

"There was not much new economic news that came in last week, but the data that did come in continues to show underlying resilience in the economy. It is not an overly strong economy but also not one where there are clear signs of a recession, or a significant slowdown of any kind is at hand," Siegel said.

Siegel has been among the more bullish economic commentators lately, recently highlighting the nation's "amazing resilience" despite the Federal Reserve's aggressive interest-rate increases over the six quarters aimed at taming inflation.

He's previously stated that US equities are on solid footing because the inflation threat is fading, meaning the Fed may be able to soon start loosening monetary policy.

"It is highly unlikely for the Fed to increase rates in September, and while the markets have priced in some probability of a November hike, I don't think the Fed needs to make that move," Siegel said in his most recent commentary.

"For equities, I still see an upward tilt for the remainder of the year," he added.

US stocks have surged this year thanks to investor excitement about artificial intelligence – and hopes that it the groundbreaking technology will boost productivity and prop up corporate profits.

Insider's Matthew Fox reported that stocks could hit new highs by the end of this year as a leading bond market indicator just flashed a bullish signal.