Posted 12/4/2023, 5:38:00 PM
S&P 500 Faces Limited Upside Through 2024 As Growth Stocks Lose Steam, Predicts Stifel's Bannister
- S&P 500 index will struggle to top 4,650 through mid-2024 as growth stocks lose ground to value stocks, says Stifel's Barry Bannister
- Bannister doesn't expect Fed rate cuts in first half of 2024 due to still high inflation and better economic growth
- He forecasts a rotation from megacap growth into cyclical value stocks, making gains tough for market-cap weighted S&P 500
- Bannister's 2023 call has been directionally right so far - rally early in year and trouble later on
- His mid-2024 target of 4,650 implies S&P 500 may rise just 2% further from current levels