Posted 11/28/2023, 10:03:00 AM
Wells Fargo Forecasts S&P 500 to Trade Sideways in 2024, Capping Rally Due to Rate Hikes
- Wells Fargo expects the S&P 500 to trade within a narrow 4,600 - 4,800 point range in 2024
- The bank sees equity rallies being capped until an economic and earnings recovery path emerges
- Analysts believe stocks will face pressure due to aggressive Fed interest rate hikes
- Wells Fargo's head of equity strategy expects the S&P 500 to end 2024 around 4,625 points
- The bank's outlook is more bearish than some others forecasting new record highs for the index