One of the silliest traditions on Wall Street — the publication of price targets for the S&P 500 — just might be starting to die.of the S&P 500 among a handful of tech giants, it's that analysts increasingly are unwilling to even pretend that market moves over the course of a single year are in any way predictable."Having target prices on individual stocks makes sense, but makes less sense nowadays for the index," wrote chief investment strategist Michael Kantrowitz.
"Forecasts of market levels and economic conditions are typically egregiously wrong," Burton Malkiel, the author of "A Random Walk Down Wall Street" and the chief investment officer at Wealthfront, tells Axios.If anybody predicted the recent trajectory of the S&P 500 correctly, they were either right for the wrong reason, or else they happened to be uncannily prescient when it came to forecasting Nvidia stock in particular.
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