Wall Street Braces for a Lost Decade — But Not Yet
Market strategists think the increasingly high valuation of the S&P 500 will squeeze out further room to run
Still looking strong in the short term.
Source: Bloomberg/Bloomberg
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Even the bulls were wrong about 2024. The S&P 500 closed the week at yet another record, and it’s now up 23% for the year. Wall Street has institutional reasons to be bullish, but even sell-side strategists have been surprised. This is how it’s moved, along with the average prediction for year-end, as compiled by Bloomberg colleague Lu Wang. In January, strategists expected the world’s most tracked index to be flat for the year. They’ve raised their estimates again and again, and the S&P 500 has outpaced them: