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S&P 500 Surges to 6,000: Election Year Momentum

by October 21, 2024
written by October 21, 2024

S&P 500 Set to Near 6,000 as Earnings Boost Market Outlook

After delivering a 23% return in 2024, the S&P 500 sets targets of the 6000 mark, Expecting 2.3% growth from the previous Friday’s closing of the 5864 mark. Nearly 20% of stock from S&P are still scheduled to put up quarterly results. 

According to a survey, the Tech sector will again take the lead in the market. Magnificent Seven (Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla) are expected to outperform or perform in line with the broader market. Though the group started the October series with a 0.9% decline, investors are expecting a strong performance in the seven and relative market.  

With an optimistic approach toward S&P 500 growth, investors do not fear the election results in November 2024. Investors sentiments has lot to do with market data points compared to election outcome.

Top Factor Pushing S&P 500 toward 6000 Mark

Earning and Corporate performance helped the market stay bullish, as many companies from the S&P 500 have shown good returns despite economic challenges like inflation and supply chain disruption. Sectors like Tech and Energy can push the market higher.

Despite being under inflation pressure, job growth, consumer spending and GDP results, which came out better than expected, fuel the optimism among the investors.

Federal Reserve policies play a key role in market sentiments; if the current slowdown in inflation continues, then the Fed might end up lowering the interest rate or potentially cutting rates. This will eventually increase the investor’s interest, putting the S&P 500 higher.

Advancements in AI and technology boost the market, especially Nvidia, which has tripled its value this year. Investors eagerly anticipate Nvidia’s November earnings release. With other stocks in support, like Microsoft and Alphabet, these three can heavily influence the index climb.

The Election Factor

Davis Kostin (Goldman Sachs Group Inc. chief) told Bloomberg Television that investors will face market turbulence in the coming weeks as Vice President Kamala Harris and former President Donald Trump prepare for elections. Historically, it’s the period when the market faces huge volatility and equities price declines.

Global Markets and tactical specialist expects choppy trading in coming weeks, eventually pushing the index higher; he said “Fomo year-end rally “ following the election. 

The post S&P 500 Surges to 6,000: Election Year Momentum appeared first on FinanceBrokerage.

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