BMO strategist sets S&P 500 target at 5100 for end of 2024

  • Stock Market News
BMO strategist sets S&P 500 target at 5100 for end of 2024

In a recent forecast, strategists at BMO, projected a notable uptick in the stock market, with an approximate 12% increase for the S&P 500 , setting a year-end 2024 target at 5,100. Their optimistic outlook also includes a bull case scenario where the index could potentially soar as high as 5,500, provided the economy avoids a contraction.

The basis for Belski's positive projection hinges on several key factors. Declining inflation and interest rates, coupled with strong employment numbers, are expected to drive market growth. Unlike previous years where the performance of mega-cap tech stocks dominated, Belski anticipates a more broad-based rally across various sectors.

Amidst widespread fears within the investment community of a severe recession, often referred to as "Chicken Little," BMO forecasts that any recession would have a minimal impact on the bullish market trend. Analysts suggest that investors consider strategic positions, recommending an overweight in information technology and financial sectors. Conversely, he advises against investments in energy, materials, and consumer staples, predicting underperformance in these areas under the projected market conditions.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb

Error: File type not supported

Drop an image here or