Goldman Sachs' 2024 Stock Outlook: Stocks To Watch
11/16/2023 12:51pm. (Benzinga Newswire)
Goldman Sachs presents an upbeat scenario for the 2024 stock. The S&P 500 is expected to reach 4,700, representing a price rise of 5% over a 12-month period and a total return of 6% including dividends.
A team of analysts David J. Kostin, Ben Snider and Ryan Hammond forecast that the U.S. economy will continue to expand gradually into 2024 and defend against recession risks.
The team predicted a 5% increase in corporate profit and expected market valuation to remain stable at an 18-fold price-to-earnings ratio (P/E).
While the projected 6% return on the broader market has somewhat underperformed the 8% average return in the presidential election year, it focuses on sustained economic growth and a stable market environment.
steady growth in the election year
Strong economic growth at the start of the year is expected to begin in the second quarter, reevaluating current Fed rate cut forecasts, according to Goldman Sachs.
Also, uncertainty related to the U.S. presidential election is expected to curb risk preference in the first half of the year.
But as the year progresses, the initial Federal Reserve rate cuts and election-related uncertainties are expected to prop up U.S. stock prices.
"The Seven Wonderful" Prepared for Continued Domination
2023's High-Reading Story Is The "Seven Wonderful" Technology Owner
Apple Inc. (NASDAQ:AAPL),
Microsoft Corp. (NASDAQ:MSFT),
Alphabet Inc. (NASDAQ:GOOG) (NASDAQ:GOOGL), Amazon.com, Inc. (NASDAQ:AMZN),
Meta Platforms Inc. (NASDAQ:META),
NVIDIA Corp. (NASDAQ:NVDA) and Tesla, Inc. (NASDAQ:TSLA) were incredible achievements.
These companies now represent 29% of the S&P 500 market cap, with a total return of 71% this year, significantly outperforming other markets.
According to Goldman Sachs' forecast, these stocks expect to continue to perform in 2024, but cautioned that market expectations are high and require a cautious outlook.
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