Where Is S&P 500 Headed In 2024?
Portfolio Pulse from Shanthi Rexaline
The S&P 500 has recovered from its 2022 downturn and is expected to end the year positively. Analysts have revised their 2023 forecasts upwards, with the most bullish prediction from Fund Strat's Tom Lee at 4,825. For 2024, forecasts are mixed, with JPMorgan being the most pessimistic at 4,200 and Capital Economics the most bullish at 5,500. The recent rally is attributed to expectations of Fed rate cuts. The SPDR S&P 500 ETF Trust (SPY) reflects this optimism, closing up 0.59% at $459.10.
December 03, 2023 | 8:40 pm
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POSITIVE IMPACT
SPDR S&P 500 ETF Trust (SPY) is likely to be influenced by the mixed analyst forecasts for the S&P 500 in 2024, with a potential for continued growth if the Fed cuts rates as expected.
SPY directly tracks the S&P 500, which has shown strong performance in 2023. With the most bullish forecast for 2024 at 5,500 and expectations of Fed rate cuts, SPY is likely to benefit if these predictions hold true. However, mixed forecasts and potential economic headwinds introduce some uncertainty.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 100