News Snapshot:
A bullish Savita Subramanian, U.S. quantitative strategist at BofA Securities, has a five-point argument for the S&P 500 to hit a new high of 5000 in 2024 (it currently sits near 4,560). Energy, consumer discretionary, financials and real estate stocks are forecasted to benefit most. Sentiment has improved in recent months on hopes of interest rate cuts next year but Ms. Subramanian sees signs it has more room to improve. Pension fund equity weightings are at 25-year lows for example – a return to pubic equities would be supportive of higher stock prices. In addition, long-term earnings expectations outside of...
