Stifel’s Barry Bannister pushes his 4,400 target for the S&P 500 to April 2024 from year-end 2023
A Wall Street strategist who foresaw the U.S. stock-market rally in the first half of the year now sees stocks treading water through the end of 2023, unlikely to extend the previous momentum until at least April 2024.
Bannister was one of the few Wall Street strategists who correctly anticipated the U.S. stock-market rally in the first half of 2023. He also said economic risk for equities will rise in late 2023 as stock gains would stall in the second half of the year. He set his 4,400 year-end target for the S&P 500 in May, a roughly 4.3% advance from Monday’s close of 4,217.04, according to FactSet data.
Meanwhile, Bannister thinks the key 10-year U.S. Treasury yield BX:TMUBMUSD10Y will peak around 5% in the current cycle, but he projects a “normalized” 10-year yield of 5% or 6% in the mid-2020s, which could put pressure on corporate earnings. Bannister also pointed to the health of the U.S. labor market as a source of economic resilience and a reason for “the Fed rate normalization,” which could tighten financial conditions and weigh on price-to-earnings ratios for stocks.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
S&P 500: Year-End Rally Elusive, But Some Sectors Could Still ShineStocks Analysis by Investing.com (Calogero Selvaggio) covering: S&P 500, Crude Oil WTI Futures, NASDAQ Composite, Energy Select Sector SPDR® Fund. Read Investing.com (Calogero Selvaggio)'s latest article on Investing.com
Read more »
Week Ahead: Is October’s weekend rally a prelude to 2024 bull run?Last weekend, the cryptocurrency ecosystem saw a sudden but massive spike in bullish momentum. As a result, many altcoins saw a huge rally. For exampl
Read more »
Nissan Frontier to tackle 500 miles of off-road racing in mostly stock formGet in-depth info on the 2024 Nissan Frontier including prices, specs, reviews, options, safety and reliability ratings.
Read more »
This Big Tech stock could be a hedge against a recession in 2024, UBS saysThe investment bank says the tech giant has 'full geographic coverage across all industry verticals,' making it less susceptible to downturns in any one sector.
Read more »
Blink-182 announces One More Time Tour with SoFi Stadium stop in July 2024The 2024 tour will mix old hits with new songs from the just-released album ‘One More Time …’.
Read more »
Trump 2024 ballot eligibility moves closer to trial in ColoradoJordan Rubin is the Deadline: Legal Blog writer. He was a prosecutor for the New York County District Attorney’s Office in Manhattan and is the author of “Bizarro,' a book about the secret war on synthetic drugs. Before he joined MSNBC, he was a legal reporter for Bloomberg Law.
Read more »