Strategists’ S&P 500 Index Estimates for Year-End 2023 (Table)
Lu Wang Bloomberg July 20, 2023 The table presents estimates from strategists for where the S&P 500 Index will finish 2023 and how much profit companies will generate. S&P 500 Index 2023 close 2023 EPS Average 4,202 $213 Median 4,250 $215 High 4,825 $230 Low 3,225 $185 No. of replies 23 22 Individual Estimates […]
Big Tech’s Dominance Fades as the Rest of the S&P 500 Plays Catch-up
Eric Wallerstein The Wall Street Journal July 11, 2023 The S&P 500 has dominated its equal-weighted counterpart since the fall of Silicon Valley Bank. That’s starting to change. The S&P 500 Equal Weight Index which weights each company equally rather than by market cap has gained 6% this year. It was in negative territory as […]
Wall Street Soothsayers Are Bewildered About What’s Next
Denitsa Tsekova, Carly Wanna, and Lu Wang Bloomberg July 8, 2023 Up and down Wall Street, forecasters were caught flat-footed by how the first half of 2023 unfolded in financial markets. That seems to have rattled their faith in what the winning playbook for the rest of it should be. Heading into the year, a handful of predictions […]
History Says Big Tech’s Dominance Over US Stocks Poses No Risk
Jessica Menton and Elena Popina Bloomberg July 9, 2023 Past narrow leadership wasn’t impediment to further gains: BI ‘This isn’t something to be feared,’ says BI’s Wolff Wall Street strategists are increasingly voicing concerns about the concentration of Big Tech stocks in this year’s stock-market rally. But if history is any guide, there’s little reason to fear. […]
Bank of America expects more stocks to participate in market rally during the second half
Hakyung Kim Bloomberg July 5, 2023 Tech stocks led the way higher for the market in the first half. Bank of America expects other names to join in on the rally during the second half. The first half of 2023 was the best for the S&P 500 since 2019, surging 15.9%. The tech-focused Nasdaq Composite, meanwhile, had its […]
Goldman Sachs raises year-end S&P 500 target to 4,500, anticipating 5% upside
Darla Mercado CNBC June 9, 2023 Goldman Sachs is boosting its year-end target on the S&P 500 to 4,500, citing a broadening rally that goes beyond the largest tech names. The new target represents about 5% upside from current levels on the broad-market index and is an increase from Goldman’s previous target of 4,000. The firm is holding […]
Bank of America turns bullish on stocks and recommends these strategies
Jeff Cox CNBC June 9, 2023 After being one of the most prominent bears on Wall Street, Bank of America has changed its tune on stocks and sees pockets of select opportunities ahead. The firm’s equity team has not changed its year-end S&P 500 target. It still sees the large-cap index finishing around 4,300, which implies little […]
Morgan Stanley, Goldman at Odds on S&P 500’s Bull Market Rally
Sagarika Jaisinghani and Farah Elbahrawy Bloomberg June 11, 2023 The S&P 500 entering a bull market has left Wall Street’s top strategists split on the way forward. Goldman Sachs Group Inc.’s David Kostin expects the gains to continue as other sectors catch up with the searing rally for technology shares. Morgan Stanley’s Michael Wilson, meanwhile, points instead to the bear market of […]
The history of cyclical bull markets suggests the S&P 500 could rise to 4,900 by next summer
Sarah Min CNBC June 12, 2023 If history is any guide, the S&P 500 could climb to 4,900 by next summer, Bank of America says. The broader market index entered a cyclical bull market after rising 20% off its October low on June 8, the firm’s technical strategist Stephen Suttmeier said Friday. Investors piled into the […]
Hiring at US Companies Tops All Forecasts, ADP Data Show
Augusta Saraiva Bloomberg June 1, 2023 Private payrolls increased by 278,000 in May, led by leisure Wage growth slowed, including for people changing jobs Employment growth at US companies last month exceeded all projections, highlighting a durable labor market that continues to buttress the economy. Private payrolls increased 278,000 following a revised 291,000 gain in April, […]