Strategist Venu Krishna raised his 2024 S & P 500 target to 5,600 from 5,300. That puts Krishna at the median of strategists included in the CNBC Pro Market Strategist Survey . The new forecast implies less than 1% upside from Monday's close. The S & P 500 has already rallied more than 16% year to date, reaching record levels and blowing past many Wall Street estimates. .
That said, tech has been under pressure recently, as investors pared positions in the sector and rotated into more cyclical parts of the market such as small-cap stocks. Krishna is unfazed, however. "Recent US equity volatility should end up fairly contained," he said. "Major unwinds seem systematically/technically motivated rather than fundamental .
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