Live Markets: Expect mid-high single digit US stock returns in 2024

Cushman & Wakefield

12/12/2023 19:07

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      Major U.S. stock indexes higher in afternoon trading
    

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      Materials lead S&P 500 sector gainers; energy weakest
    

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      European 600 STOXX index down 0.2%
    

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      Crude down >3%; dollar, bitcoin dip, gold edges down
    

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      U.S. 10-Year Treasury yield slips to ~4.20%
    

  
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    EXPECT MID-HIGH SINGLE DIGIT US STOCK RETURNS IN 2024 - LPL
    LPL Financial says it expects mid-to-high single digit
returns in 2024 for U.S. stocks, and it forecasts the S&P 500
 .SPX  will end next year between 4,850 to 4,950. The index was
last at 4,633.
    "Following the (Federal Reserve)'s aggressive rate-hiking
campaign in 2022 and 2023, stocks are entering a phase in which
market participants will be focused on interest-rate
stability—as inflation, we believe, comes down further," LPL
strategists wrote in a note Tuesday.
    Interest rate stabilization should support stock valuations,
while corporate profits move to a "sweet spot," they wrote,
adding that "if rates ease as we expect, we see upside to a
year-end 2024 fair-value target range of 4,850 to 4,950."
    Among the risks to that forecast are a reacceleration in
inflation and an expansion of conflicts in the Middle East and
Europe.
    
    (Caroline Valetkevitch)
    *****
    
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