BusinessPostCorner.com
No Result
View All Result
Thursday, June 19, 2025
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources
BusinessPostCorner.com
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources
No Result
View All Result
BusinessPostCorner.com
No Result
View All Result

Stock market outlook: Top Wall Street bear reverses and now sees the S&P 500 hitting 6,000

June 16, 2024
in Business
Reading Time: 2 mins read
A A
0
Stock market outlook: Top Wall Street bear reverses and now sees the S&P 500 hitting 6,000
ShareShareShareShareShare

With the S&P 500 Index setting record after record, Evercore ISI is predicting another double-digit rally through the end of 2024. 

Julian Emanuel, the firm’s chief equity and quantitative strategist, raised his year-end forecast on the S&P 500 Index to 6,000, the highest among major equity strategists tracked by Bloomberg — and roughly 10% above the gauge’s closing level on Friday. That’s an about face from one of Wall Street’s most prominent bears who previously expected the gauge to finish the year at 4,750.

Optimism over a resilient economy, improving corporate earnings and the end of the Federal Reserve’s tightening cycle has pushed the S&P 500 up 14% this year, and Emanuel says ebbing inflation and artificial-intelligence fervor will propel stocks even higher. Emanuel’s new estimate tops the 5,600 level Goldman Sachs Group Inc.’s David Kostin, UBS Group AG’s Jonathan Golub and BMO Capital Markets’ Brian Belski are penciling in.

“The pandemic changed everything,” Emanuel wrote in a note to clients on Sunday. “Record stimulus, elevated cash balances and low leverage support the consumer. Then came AI. Today, GenAI’s potential in every job and sector is inflecting. The backdrop of slowing inflation, a Fed intent on cutting rates and growth support Goldilocks.”

Emanuel also raised his estimate for the index’s per-share earnings in 2024 and 2025 to $238 and $251, respectively. The new levels imply a 8% and 5% profit growth, he said.

The S&P 500’s jump to 6,000 by late December on EPS of $238 will push the gauge’s price-to-earnings multiple to 25 on a trailing basis, Emanuel said. While definitely elevated by historical standards, that’s still short of the 28 level during the dot-com peak, Emanuel said. He sees a possibility of the 500-member index reaching 7,000 by the end of 2025, he added.

While AI exuberance has pushed valuations “to the top decile since 1960,” the S&P 500’s price-earnings multiples may remain elevated for “extended periods,” Emanuel said.

The move comes after Goldman’s Kostin on Friday upgraded the firm’s year-end target for the S&P 500 for a third time, reflecting Wall Street’s optimistic outlook for earnings growth and the US economy. Among the big Wall Street banks, JPMorgan Chase & Co. has the lowest year-end target for the S&P 500 at 4,200, implying a drop of more than 20% from Friday’s closing level.

Subscribe to the CFO Daily newsletter to keep up with the trends, issues, and executives shaping corporate finance. Sign up for free.

Credit: Source link

ShareTweetSendPinShare
Previous Post

Electricity prices in France turn negative as renewable energy floods the grid

Next Post

Bill Gates is ready to plow billions into his startup’s nuclear plant

Next Post
Bill Gates is ready to plow billions into his startup’s nuclear plant

Bill Gates is ready to plow billions into his startup's nuclear plant

Minnesota shooting suspect’s company claims he was ‘involved with security situations’ around the world

Minnesota shooting suspect’s company claims he was ‘involved with security situations’ around the world

June 14, 2025
Poundland plans 68 store closures putting more than 1,000 jobs at risk

Poundland plans 68 store closures putting more than 1,000 jobs at risk

June 17, 2025
Elon Musk’s X to offer investment and trading in ‘super app’ push

Elon Musk’s X to offer investment and trading in ‘super app’ push

June 19, 2025
The smallest country on the Southeast Asia 500 generated the most revenue 

The smallest country on the Southeast Asia 500 generated the most revenue 

June 18, 2025
Vietnam Just Legalized Crypto — Here’s What the New Law Actually Says

Vietnam Just Legalized Crypto — Here’s What the New Law Actually Says

June 16, 2025
I had one simple surgery to lower my risk of the deadliest cancer for women. Here’s why you probably don’t know about it—but should

I had one simple surgery to lower my risk of the deadliest cancer for women. Here’s why you probably don’t know about it—but should

June 16, 2025
BusinessPostCorner.com

BusinessPostCorner.com is an online news portal that aims to share the latest news about following topics: Accounting, Tax, Business, Finance, Crypto, Management, Human resources and Marketing. Feel free to get in touch with us!

Recent News

Chainlink Eyes 0 Trillion Untokenized Assets Market – Can LINK Hit  on CCIP Success?

Chainlink Eyes $260 Trillion Untokenized Assets Market – Can LINK Hit $30 on CCIP Success?

June 19, 2025
Hospitals, schools and courts to get funding boost

Hospitals, schools and courts to get funding boost

June 19, 2025

Our Newsletter!

Loading
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2023 businesspostcorner.com - All Rights Reserved!

No Result
View All Result
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources

© 2023 businesspostcorner.com - All Rights Reserved!