Rate Hike Speculation Cools As US Producer Inflation Softens, Economist Predicts S&P 500 To Reach 5,000 By Year End
Portfolio Pulse from AJ Fabino
US Producer Price Index (PPI) increased by 0.1% in June, indicating a reduction in pricing pressures. This has led investors to anticipate an end to the Federal Reserve's interest rate hike cycle. Economists predict a slowdown in both economic activity and consumer prices throughout 2023. Peter Essele, Head of Portfolio Management for Commonwealth Financial Network, predicts the S&P 500 could top 5000 by the end of the year.
July 13, 2023 | 3:39 pm
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The S&P 500, tracked by the SPY ETF, could reach 5000 by the end of the year, according to Peter Essele, Head of Portfolio Management for Commonwealth Financial Network. This prediction is based on the recent economic data and the anticipated end to the Federal Reserve's interest rate hike cycle.
The prediction of the S&P 500 reaching 5000 by the end of the year is based on the recent economic data indicating a reduction in pricing pressures and the anticipated end to the Federal Reserve's interest rate hike cycle. This could potentially boost investor confidence and drive up the stock prices, positively impacting the SPY ETF which tracks the S&P 500.
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