Wells Fargo Forecasts S&P 500 Surge to Record High in 2024 on AI Optimism and Tech Growth
• Wells Fargo raises S&P 500 year-end 2024 target to 5,535, highest on Wall Street • Cites optimism around AI and potential interest rate cuts • Magnificent Seven tech stocks benefiting from AI tide • Lifts S&P 500 EPS estimate to $242 from $235 for 2023 • Sees volatility spike in early 2024 but “melt-up” in 2nd half partly from more M&A