Forget September Slump! S&P 500 Could Scale New Highs By Mid-2024, Predicts JPMorgan Strategist
Portfolio Pulse from Shanthi Rexaline
Despite the recent setbacks in the stock market, A.J. Oden, a global investment strategist at JPMorgan Wealth Management, predicts that the S&P 500 Index will reach new highs by mid-2024. Oden also highlighted positive earnings revisions and suggested that the consumer discretionary sector could perform well as the Federal Reserve shifts its stance. He acknowledged that stocks are not inexpensive, but excluding the 'Magnificent Seven' mega-cap U.S. companies, there has been some narrowing in valuations.
September 27, 2023 | 8:04 am
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NEUTRAL IMPACT
Apple Inc. (AAPL) is one of the 'Magnificent Seven' mega-cap U.S. companies mentioned by Oden. Its valuation is considered high compared to other stocks.
While Oden did not specifically comment on Apple's performance, he did mention that the 'Magnificent Seven' mega-cap companies, including Apple, have higher valuations compared to other stocks. This could potentially limit their upside.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEUTRAL IMPACT
Amazon Inc. (AMZN) is one of the 'Magnificent Seven' mega-cap U.S. companies mentioned by Oden. Its valuation is considered high compared to other stocks.
While Oden did not specifically comment on Amazon's performance, he did mention that the 'Magnificent Seven' mega-cap companies, including Amazon, have higher valuations compared to other stocks. This could potentially limit their upside.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEUTRAL IMPACT
Alphabet Inc. (GOOG) is one of the 'Magnificent Seven' mega-cap U.S. companies mentioned by Oden. Its valuation is considered high compared to other stocks.
While Oden did not specifically comment on Alphabet's performance, he did mention that the 'Magnificent Seven' mega-cap companies, including Alphabet, have higher valuations compared to other stocks. This could potentially limit their upside.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEUTRAL IMPACT
Alphabet Inc. (GOOGL) is one of the 'Magnificent Seven' mega-cap U.S. companies mentioned by Oden. Its valuation is considered high compared to other stocks.
While Oden did not specifically comment on Alphabet's performance, he did mention that the 'Magnificent Seven' mega-cap companies, including Alphabet, have higher valuations compared to other stocks. This could potentially limit their upside.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEUTRAL IMPACT
Meta Platforms Inc. (META) is one of the 'Magnificent Seven' mega-cap U.S. companies mentioned by Oden. Its valuation is considered high compared to other stocks.
While Oden did not specifically comment on Meta's performance, he did mention that the 'Magnificent Seven' mega-cap companies, including Meta, have higher valuations compared to other stocks. This could potentially limit their upside.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEUTRAL IMPACT
Microsoft Corp. (MSFT) is one of the 'Magnificent Seven' mega-cap U.S. companies mentioned by Oden. Its valuation is considered high compared to other stocks.
While Oden did not specifically comment on Microsoft's performance, he did mention that the 'Magnificent Seven' mega-cap companies, including Microsoft, have higher valuations compared to other stocks. This could potentially limit their upside.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEUTRAL IMPACT
Nvidia Corp. (NVDA) is one of the 'Magnificent Seven' mega-cap U.S. companies mentioned by Oden. Its valuation is considered high compared to other stocks.
While Oden did not specifically comment on Nvidia's performance, he did mention that the 'Magnificent Seven' mega-cap companies, including Nvidia, have higher valuations compared to other stocks. This could potentially limit their upside.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEUTRAL IMPACT
Tesla Inc. (TSLA) is one of the 'Magnificent Seven' mega-cap U.S. companies mentioned by Oden. Its valuation is considered high compared to other stocks.
While Oden did not specifically comment on Tesla's performance, he did mention that the 'Magnificent Seven' mega-cap companies, including Tesla, have higher valuations compared to other stocks. This could potentially limit their upside.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
The SPDR S&P 500 ETF Trust (SPY) is expected to benefit from the predicted rise in the S&P 500 Index.
As an ETF that tracks the S&P 500 Index, SPY's performance is directly tied to the index. If the S&P 500 rises, SPY is likely to rise as well.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100