After a huge rally to start the year, stocks’ momentum has faltered. They may struggle to find it again before the end of the year, according to one of 2023’s most successful market watchers.
Bannister, who has called the market’s moves so far this year, expects the S&P 500 to end 2023 not far from its current level. In a Tuesday research note, he stuck with his year-end target of 4,400, which would put the index about 4% below where it stands now. “Whereas from October 2022 to June 2023 the focus of our research was dispelling the worries of the uber-bears, it now seems timely to examine the assumptions of the bullish outliers…[who] believe the S&P 500 achieves 4,800+ by year-end 2023,” he wrote. “Our conclusion is that hyper-positive late-2023 views are unlikely to come to pass.”
Likewise, artificial intelligence might not be the savior that many predict it will be, at least without some hiccups. Others have made the same point, given how far 2023’s positive tech news has already driven the market.
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