S&P 500 Poised To Extend Bull Run? Market Strategist Sees 'AI Fervor' And Ebbing Inflation Pushing Valuation Toward Dot-com Peak
Portfolio Pulse from Shanthi Rexaline
Evercore ISI's chief equity and quantitative strategist Julian Emanuel has raised the year-end price target for the S&P 500 Index to 6,000, citing AI enthusiasm and decreasing inflation. This new target suggests a potential 10.5% gain for the index by the end of the year. The firm also increased its earnings per share estimates for 2024 and 2025. The SPDR S&P 500 ETF Trust (SPY), which tracks the S&P 500 Index, ended Friday's session at a record high.
June 17, 2024 | 6:30 am
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Evercore ISI has raised the year-end price target for the S&P 500 Index to 6,000, suggesting a potential 10.5% gain. The SPDR S&P 500 ETF Trust (SPY), which tracks the S&P 500 Index, ended Friday's session at a record high.
The raised target for the S&P 500 Index indicates a bullish outlook, which is likely to positively impact SPY, an ETF that tracks the index. The record high closing further supports this positive sentiment.
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