JPMorgan’s S&P 500 Outlook for 2024 Is Grimmest on Wall Street
- Firm calls for 8% drop in index but predicts earnings growth
- Waning consumer trends, geopolitical risks to weigh on stocks
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As a rush of Wall Street strategists call for all-time highs in US stocks in the year ahead, JPMorgan Chase & Co. stands apart, releasing the gloomiest forecast so far among its peers.
The S&P 500 Index is set to drop to 4,200 by the end of 2024 — roughly 8% from its current level — as global growth decelerates, household savings shrink and geopolitical risks remain high with national elections including those in the US that could add to policy volatility, according to Dubravko Lakos-Bujas, the bank’s chief global equity strategist. The call reiterates the bank’s outlook heading into this year that has fallen short, with US stocks headed toward a double-digit annual gain amid economic resilience.