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Will the S&P 500 rally by year-end? Morgan Stanley's Slimmon weighs in — and names a Big Tech stock

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If the market does rally into the year-end, it will be led by the 'Magnificent Seven' stocks, said Andrew Slimmon, who named his preferred play.

Will the S & P 500 be nearer to 5,000 by the end of the year? Morgan Stanley Investment Management's Andrew Slimmon was among some on Wall Street who earlier this year believed so. He first told CNBC in late August that the Wall Street index will reach that level. The S & P 500 closed at 4,193.80 on Tuesday. Although markets have been volatile lately, Slimmon expects the S & P 500 to be closer to 5,000 than 4,000.

"With so much money sitting out this rally, eventually fear would be replaced with FOMO and that money would begin to seep back in," he said. The 5,000 level is significantly higher than what most of Wall Street forecasts , according to the CNBC Market Strategist Survey. Stocks to buy If the market does rally into the year-end, it will be led by the "Magnificent Seven" stocks, said Slimmon, referring to Apple , Amazon , Alphabet , Meta , Microsoft , Nvidia and Tesla .

 

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