Stay upbeat on U.S. stocks, says SocGen, which just boosted its S&P 500 target

It’s CPI day and the mood is a little tense, understandably given expectations for that number to bump up.

“We continue to see support for the S&P 500 from AI-driven investments and fiscal/reshoring manufacturing spending. Further, interest-rate coverage for the largest 10% of U.S. stocks by market cap is near all-time highs, and thus the Fed hikes have had a limited impact on these companies –which are even earning interest on their cash balances,” said the strategist in a note that published Wednesday.

Kabra and his team do see a stumbling block ahead for 2024, with this table laying out their S&P 500 road map: The markets Stock futures ES00, -0.11% NQ00, -0.14% are holding steady ahead of inflation data, with Treasury yields BX:TMUBMUSD10Y BX:TMUBMUSD02Y also going nowhere. It was a mostly weaker day across Asia XX:000300 JP:NIK.For more market updates plus actionable trade ideas for stocks, options and crypto, subscribe to MarketDiem by Investor’s Business Daily.

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