Illustration: Lazaro Gamio/Axios

Strategists at $234 billion asset manager Macquarie Investment Management laid out an exceptionally bullish prediction for U.S. stocks — their equities team is calling for the market to double in value over the next 10 years.

Why it matters: That would put the Dow at around 55,000.

What they're saying: "Growth has entered a secular phase where many companies focused on the new economy can continue to grow for years to come," Alex Ely, Macquarie's CIO of U.S. small-mid cap growth equity, said during a call with reporters Monday.

  • The "new economy" is focused on the expansion of healthy food, advanced drug treatments and the digital economy, he said.

John Leonard, Macquarie's global head of equities, tells Axios that such predictions don't make them super-bulls; it's more that many other investors are "irrationally bearish" on equities and have missed out on a great deal of the gains in recent years.

  • "The fact that this market has been relatively positive and extended since the financial crisis doesn’t mean that the earnings can’t continue to grow and stock prices can’t continue to go up as a result of that."

Go deeper: Investors cheer a Teflon earnings season

Go deeper

Updated 18 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Politics: Trump says if Biden's elected, "he'll listen to the scientists"Trump calls Fauci a "disaster" on campaign call — Fauci says he's "absolutely not" surprised Trump got coronavirus.
  2. Health: Coronavirus hospitalizations are on the rise — 8 states set single-day coronavirus case records last week.
  3. Business: Consumer confidence surveys show Americans are getting nervousHow China's economy bounced back from coronavirus.
  4. Sports: We've entered the era of limited fan attendance.
  5. Education: Why education technology can’t save remote learning.

Trump calls Fauci a "disaster" on campaign call

Photo: Stephen Lam/Getty Images

During a campaign call on Monday, President Trump slammed infectious disease expert Anthony Fauci, calling him a "disaster," and that "people are tired of COVID," according to multiple reporters who listened to the call.

Driving the news: CBS's "60 Minutes" aired an interview Sunday night with the NIAID director, where he said he was "absolutely not" surprised Trump contracted COVID-19 after seeing him on TV in a crowded place with "almost nobody wearing a mask."

Updated 2 hours ago - Health

8 states set single-day coronavirus case records last week

Data: Compiled by Axios; Map: Danielle Alberti/Axios

8 states set new highs last week for coronavirus infections recorded in a single day, according to the COVID Tracking Project (CTP) and state health departments. Montana, West Virginia, and Wyoming surpassed records from the previous week.

Why it matters: Cases and hospitalizations are rising in Michigan, a state that initially fought the pandemic with strict mitigation efforts, alongside states that took less action against the spread of the virus this spring.