{"id":12233,"date":"2023-05-22T16:30:06","date_gmt":"2023-05-22T20:30:06","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/bank-of-america-predicts-sp-500-will-test-all-time-high-this-year-but-other-experts-are-much-more-cautious\/"},"modified":"2023-05-22T16:30:08","modified_gmt":"2023-05-22T20:30:08","slug":"bank-of-america-predicts-sp-500-will-test-all-time-high-this-year-but-other-experts-are-much-more-cautious","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=12233","title":{"rendered":"Bank Of America Predicts S&P 500 Will Test All-Time High This Year \u2014 But Other Experts Are Much More Cautious"},"content":{"rendered":"
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Topline<\/h2>\n

Bank of America raised its year-end price target for the S&P 500 by 8% this weekend, citing? the recent optimism backing a months-long stretch of gains, though there\u2019s a variety of factors emerging that question the likelihood of a sustained rally.<\/p>\n

Key Facts<\/h2>\n
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Bank of America analysts led by Savita Subramanian raised the firm\u2019s S&P target from 4,000 to 4,300 in a Sunday note to clients, citing companies\u2019 cost-cutting efforts in recent months, as well as the artificial intelligence boom that’s fueled a resurgence in a crop of technology stocks.<\/p>\n<\/p><\/div>\n

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That\u2019d be the S&P’s highest level since August, though it\u2019s just 2% higher than the index’s 4,200 level Monday.<\/p>\n<\/p><\/div>\n

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Bank of America\u2019s bullish forecast came amid a flurry of far more cautious predictions from Wall Street, led by Morgan Stanley\u2019s ever-bearish head U.S. strategist Michael Wilson, who wrote Sunday the S&P\u2019s nearly 15% gain over the last six months is little more than a \u201chead fake rally\u201d fueled by mass \u201cpanic buying.\u201d<\/p>\n<\/p><\/div>\n

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Optimism fueled by AI advancements, a less aggressive Federal Reserve and a lack of fresh geopolitical disturbances won\u2019t \u201cprevent the deep earnings recession\u201d on deck later this year, as higher interest rates continue to eat at economic growth, Wilson explained.<\/p>\n

<\/fbs-ad>\n <\/div>\n

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Prior market data support Wilson\u2019s bearish take for the S&P: A JPMorgan technical group led by Jason Hunter said Monday the most \u201clikely outcome\u201d for the index over the next few months is to crash as low as 3,500, a 17% decline which would send the market to a near three-year low.<\/p>\n<\/p><\/div>\n<\/div>\n

Key Background<\/h2>\n

The S&P\u2019s strong start to the year follows its worst year in over a decade, when it shed 19% as investors reacted to the Fed\u2019s dramatic reversal on its easy-money policies throughout the pandemic, which allowed the index to rally to an all-time high. This year, easing inflation, slowing rate hikes and fairly rosy corporate earnings have supported bullishness, and not even a historic banking crisis in March could roil markets. Still, almost all of the S&P\u2019s gains are concentrated in a handful of mega-cap technology stocks, with the market\u2019s lack of breadth posing concern for many on Wall Street.<\/p>\n

Crucial Quote<\/h2>\n

The idea of no materially bad news, such as an unexpected further rise in inflation or monumental geopolitical event akin to Russia\u2019s invasion of Ukraine, driving stocks higher is \u201clong in the tooth\u201d and can\u2019t hold up the S&P much longer, Tom Essaye of the Essaye Report wrote Monday. There needs to be \u201cactual positive resolution\u201d from tense market-driving events to justify further gains for the S&P, he added.<\/p>\n

What To Watch For<\/h2>\n

Investors are paying close attention to the ongoing deadlock over the U.S. debt ceiling as the U.S. flirts with the first default on its debt in its nearly 250-year history. And even if the U.S. avoids a default, the rising of its debt limit \u201cmay ironically be the catalyst that ends this bear market rally\u201d due to the ensuing liquidity crunch posed by the Treasury Department\u2019s likely issuance of bonds.<\/p>\n

<\/h2>\n

This Stock Market Indicator Is The Weakest It\u2019s Ever Been\u2014And Other Warning Signs Are Flaring (Forbes<\/em>)<\/p>\n

Stocks Are \u2018Stuck\u2019 Amid Debt Limit Crisis \u2014 But These Investments May Be Best Amid The Turbulence (Forbes<\/em>)<\/p>\n

Fund Managers Are The Most Pessimistic They\u2019ve Been This Year\u2014Here’s What They’re Worried About (Forbes<\/em>)<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Topline Bank of America raised its year-end price target for the S&P 500 by 8% this weekend, citing? the recent optimism backing a months-long stretch of gains, though there\u2019s a variety of factors emerging that question the likelihood of a sustained rally. Key Facts Bank of America analysts led by Savita Subramanian raised the firm\u2019s […]<\/p>\n","protected":false},"author":1,"featured_media":12234,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-12233","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets","tag-featured"],"yoast_head":"\nBank Of America Predicts S&P 500 Will Test All-Time High This Year \u2014 But Other Experts Are Much More Cautious | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Topline Bank of America raised its year-end price target for the S&P 500 by 8% this weekend, citing? the recent optimism backing a months-long stretch\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=12233\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bank Of America Predicts S&P 500 Will Test All-Time High This Year \u2014 But Other Experts Are Much More Cautious | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"Topline Bank of America raised its year-end price target for the S&P 500 by 8% this weekend, citing? 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