Posted 1/10/2024, 3:45:29 PM
Wells Fargo Forecasts Higher S&P 500, Rate Cuts in 2024 Amid Flatter U Economic Path
- Wells Fargo Investment Institute lifts 2024 S&P 500 target to between 4,800 and 5,000
- Forecasts interest rate cuts starting mid-2024, with 3 cuts bringing rates to 4.50-4.75%
- Upgrades U.S. 2023 GDP growth forecast to 1.3% from 0.7%
- Sees "flatter U" path for economy, stronger 2024 growth
- Upgrades energy sector to "favorable" on higher oil price forecast, but downgrades financials sector to "unfavorable" amid slowdown