The S&P 500 index
SPX
has three days left this year to try for a fresh record high, which in theory, shouldn’t be so hard with a Santa Rally all but teed up. The index is 0.45% away from surpassing the 4796.56 high hit Jan. 3, 2022, but lethargy lurks for Wednesday. With the index sitting on a respectable 24% gain after last year’s 19% rout, it seems logical investors would want to ride out the rest of the year on the sidelines.
Read: S&P 500 is moving toward record territory. Here’s what stock-market investors need to know. There is no better time, though, to start thinking about your game plan for 2024. Our call of the day from Jeffrey Saut, chief investment strategist at Saut Strategy, offers up a few ideas centered on what he thinks might be a “trader’s market” next year. In a note to clients, Saut observes Wall Street’s tight range of outlooks for the S&P 500 in 2024 — 4,500 to 5,400. At one end, Morgan Stanley’s Mike Wilson expects the index to reach 4,500 by end 2024, with an earnings estimate of $229 per share. Using that “lowball” estimate implies a 4,600 year-end target, using a 20 times price/earnings [PE] multiple for the index — still 150 points below where the S&P is now, says Saut. At the upper end, Ed Yardeni has a $250 earnings per share estimate equal to a price target of 5,000. That’s not much upside from current levels, but Yardeni’s own S&P 500 target is 5,400 meaning he clearly expects PE multiple expansion, say Saut. Personally, Saut thinks trying to guess an …
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SPX
has three days left this year to try for a fresh record high, which in theory, shouldn’t be so hard with a Santa Rally all but teed up. The index is 0.45% away from surpassing the 4796.56 high hit Jan. 3, 2022, but lethargy lurks for Wednesday. With the index sitting on a respectable 24% gain after last year’s 19% rout, it seems logical investors would want to ride out the rest of the year on the sidelines.
Read: S&P 500 is moving toward record territory. Here’s what stock-market investors need to know. There is no better time, though, to start thinking about your game plan for 2024. Our call of the day from Jeffrey Saut, chief investment strategist at Saut Strategy, offers up a few ideas centered on what he thinks might be a “trader’s market” next year. In a note to clients, Saut observes Wall Street’s tight range of outlooks for the S&P 500 in 2024 — 4,500 to 5,400. At one end, Morgan Stanley’s Mike Wilson expects the index to reach 4,500 by end 2024, with an earnings estimate of $229 per share. Using that “lowball” estimate implies a 4,600 year-end target, using a 20 times price/earnings [PE] multiple for the index — still 150 points below where the S&P is now, says Saut. At the upper end, Ed Yardeni has a $250 earnings per share estimate equal to a price target of 5,000. That’s not much upside from current levels, but Yardeni’s own S&P 500 target is 5,400 meaning he clearly expects PE multiple expansion, say Saut. Personally, Saut thinks trying to guess an …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]