Oppenheimer predicts S&P 500 to rise to 5,200 by end of 2024

  • Oppenheimer Asset Management predicts S&P 500 to reach 5,200 by end of 2024
  • Wall Street analysts expect all-time highs for U.S. stocks next year
  • Federal Reserve expected to lower interest rates by second half of 2024
  • Cyclical sectors like technology and consumer-discretionary expected to perform well in 2024
  • Earnings for S&P 500 companies projected to reach $240 per share in 2024

Oppenheimer Asset Management has joined the growing number of Wall Street analysts predicting that the S&P 500 index will reach a record high in 2024. They expect the index to rally to 5,200 by the end of the year, a nearly 13% gain from its current level. This prediction is based on the expectation of a transition in the Federal Reserve’s monetary policy setting, with a move towards lower interest rates in the second half of 2024. Oppenheimer’s strategists also anticipate continued growth in corporate revenues and earnings, with earnings for S&P 500 companies projected to reach $240 per share. They believe that cyclical sectors like technology and consumer-discretionary will continue to perform well, while gains in the stock market broaden to other sectors and small- and midcap stocks. This bullish outlook for 2024 is shared by other analysts, including Fundstrat’s Tom Lee and Ed Yardeni of Yardeni Research.

Public Companies: Oppenheimer Asset Management (null), S&P 500 (null), Fed (null), FactSet (null), MarketWatch (null), Yardeni Research (null)
Private Companies:
Key People: John Stoltzfus (Chief Investment Strategist and Managing Director at Oppenheimer), Tom Lee (Fundstrat), Ed Yardeni (Yardeni Research)

Factuality Level: 7
Justification: The article provides information about the S&P 500 index and the predictions of strategists at Oppenheimer Asset Management. It includes quotes from the strategists and their expectations for the Federal Reserve’s monetary policy. The article also mentions market expectations and forecasts from other analysts. While the information is based on the opinions and predictions of experts, it does not contain misleading or inaccurate information.

Noise Level: 7
Justification: The article provides a specific prediction for the S&P 500 index by the end of 2024, based on the analysis of strategists at Oppenheimer Asset Management. It also discusses the expected transition in the Federal Reserve’s monetary policy and the potential impact on interest rates. The article includes some market expectations and quotes from the strategists. However, it lacks evidence or data to support the claims made by the strategists and does not provide a comprehensive analysis of the factors influencing the stock market. Additionally, the article includes some irrelevant information about other analysts’ forecasts and the current stock market performance.

Financial Relevance: Yes
Financial Markets Impacted: The article discusses the S&P 500 index and its potential rally, which has implications for the financial markets and investors.

Presence of Extreme Event: No
Nature of Extreme Event: No
Impact Rating of the Extreme Event: No
Justification: The article focuses on financial market predictions and does not mention any extreme events.

Reported publicly: www.marketwatch.com