Oppenheimer slashes forecast for S&P 500, but still sees stocks rising from here

The stock market swoon that began in late summer may have taken the hopes for a massive year off the table, but equities could still rally going into 2024, according to Oppenheimer. John Stoltzfus, the firm's chief investment strategist, said in a note to clients on Monday that he was cutting his year-end 2023 target for the S & P 500 to 4,400 from 4,900. The new target is still nearly 7% above the index's close of 4,117.37 on Friday. .

"We remain positive on equities and view fixed income as highly complementary for diversification purposes though not broadly competitive with equities over the mid- to longer term," Stoltzfus continued. Oppenheimer's new target is still above the average of 4,358 in the CNBC Market Strategist Survey . Stoltzfus previously had the highest target among major Wall Street strategists tracked in the survey.

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Stock market today: Asian shares slip after S&P 500 slips ahead of Fed interest rate decisionAsian shares are mostly lower ahead of a Federal Reserve decision this week on interest rates. U.S. futures gained while oil prices fell more than $1 a barrel. On Friday, stocks stumbled on Wall Street. The S&P 500 fell 0.5% and is now in what's called a correction, down 10% from the peak for this year that it hit in July. The Dow fell 1.
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Stock market today: Asian shares slip after S&P 500 slips ahead of Fed interest rate decisionAsian shares are mostly lower ahead of a Federal Reserve decision this week on interest rates.
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Stock market today: Asian shares slip after S&P 500 slips ahead of Fed interest rate decisionAsian shares are mostly lower ahead of a Federal Reserve decision this week on interest rates.
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