UBS pushes out S&P 500 mid-2024 target forecast to year-end

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UBS pushes out S&P 500 mid-2024 target forecast to year-end
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- UBS said it now expects the S&P 500 to hit 4,700 points only by December 2024, instead of the middle of the year as it forecast earlier, due to expectations of higher-for-longer U.S. interest rates.

"The delay ... is primarily related to the recent rapid move higher in interest rates and ... expectations that interest rates will remain higher for longer," said David Lefkowitz, head of chief investment office, U.S. equities, UBS. The fear of higher-for-longer rates has pushed the S&P 500 down about 6% from this year's highs hit late in July. Still, the index has clocked a 12% gain so far this year to close at 4,327.78 points on Friday.

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