Wall Street strategists predict S&P will rise 8% by end of next year after big 2024 gains
Wall Street banks are betting that the blockbuster rally in US stocks will cool next year as investors turn cautious on technology companies’ ability to profit from their big investments in artificial intelligence. Ten major banks, including Morgan Stanley, HSBC and Goldman Sachs, expect the S&P 500 index, the main US equities barometer, to rise roughly 8 per cent on average to around 6,550 between now and the end of next year, taking it to fresh highs.
The six largest US tech companies, including Nvidia and Amazon, enjoyed average earnings growth of 33 per cent in the most recent quarter but analysts expect a rise of 16 per cent for 2025. Morgan Stanley, Goldman Sachs and JPMorgan forecast the benchmark index to rise by around 7 per cent to the 6,500 mark. However, Deutsche Bank has set a target of 7,000 for the benchmark by the end of next year, the highest among the 10 global banks.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Wall Street’s AI-powered rally risks ‘correction’, Vanguard warnsAsset manager’s chief economist Joe Davis says investors are overplaying the near-term potential of the technology
Read more »
Benefit's 2024 advent calendar gets you 17 free products and is back in stockBeauty editor Laura Mulley has been busy looking at all the beauty advent calendars out this winter, and one of the most unique is Benefit's 2024 offering
Read more »
Wall Street bankers on course for up to 35% bonus bumpDebt bankers forecast to make biggest gains as finance industry recovers from two-year lull
Read more »
Wall Street’s complex debt bonanza hits fastest pace since 2007Banks craft bonds backed by chicken wing revenue, music catalogues and oil wells
Read more »
Marc Rowan, the man with a plan to remake Wall StreetThe Apollo chief believes we are on the cusp of a new era in finance
Read more »
Former SEC chair Jay Clayton tapped as Wall Street’s top copDonald Trump also selects lawyers from criminal cases for other high-level posts in his administration
Read more »