Stock market ‘exceptionally’ unlikely to climb this year to record peak, says Stifel’s Barry Bannister

“A new high by year-end 2023 is exceptionally unlikely,” Bannister said in a note Tuesday. While equity strategists that he considers “uber-bulls” anticipate the index could hit a record price of around 4,800 by then, Bannister said that level is “still out of reach.”

Major U.S. stock benchmarks were down Tuesday afternoon, as investors resumed trading after returning from the three-day weekend celebrating Labor Day. The S&P 500 SPX was 0.3% lower at around 4,503, while the Dow Jones Industrial Average DJIA fell 0.3% and the technology-heavy Nasdaq Composite COMP shed less than 0.1%, FactSet data showed, at last check.

The Fed has been tightening monetary policy since early 2022, in a bid to bring down inflation that remains above its 2% target.

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