Wall Street banking giants are optimistic about US equities, projecting a positive outlook until the end of 2024. According to Morgan Stanley’s chief US equity strategist Mike Wilson, the S&P 500 is expected to reach all-time high levels by the close of the year. However, Wilson cautions that there may be a consolidation period as the new year approaches.
Wilson describes the current market sentiment as a “fear of missing out season” and anticipates a potential blow-off move post-election, followed by fiscal consolidation in the coming year. He sets a year-end target for the S&P 500 at 6,000 points, with limited potential for further growth due to stretched valuations.
Meanwhile, JPMorgan Chase’s Andrew Tyler believes that the stock market will witness stronger rallies in the last two months of 2024 compared to 2016. Citi’s Scott Chronert also aligns with this bullish sentiment, predicting a surge to as high as 6,100 points before the year ends.
Currently, the S&P 500 is trading at 5,870 points. Market experts advise investors to stay informed and vigilant in navigating the evolving market conditions.
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