Strategist Who Predicted This Year’s US Stock Rally Says It’s Time for Caution
- Stifel’s Bannister sees S&P 500 stabilizing near 4,400 in 2H
- Recession remains a risk for 2024, the strategist predicts
A trader works on the floor of the New York Stock Exchange.
Photographer: Michael Nagle/BloombergThis article is for subscribers only.
Barry Bannister was one of only a handful of Wall Street forecasters who correctly predicted this year’s US stock rally at the start of 2023. Now, the Stifel strategist says this is as good as it gets.
The S&P 500’s surge has taken many investors by surprise, exceeding even Bannister’s bullish forecast of 4,300 points by mid-year. While bets of an imminent end to interest-rate hikes have kept the gains going in July, Bannister predicts that inflation will be stickier than some are counting on.