Investing.com -- The breadth of a potential rally in the S&P 500 is set to broaden in the second half of 2024 after gains were powered by a just a handful of artificial intelligence-linked companies in the opening six months of the year, according to analysts at Wells Fargo.rose by 14.5% year-to-date in the first half, the third-best performance over the six-month timeframe in the last 25 years.
In a note to clients, the Wells Fargo analysts said consensus earnings estimates show that growth will become"noticeably" more widespread beginning in the fourth quarter of this year and"gaining strength" through the middle of next year. Even still, they warned that equities face a"bumpy road" in the near term due to a slower economy and higher interest rates continue to"take a toll."