GS - Stock Market Rally For 2024 Has Peaked Goldman Sachs Forecasts 'Flat Return From Now Till The End Of The Year' | Benzinga
The stock market rally for 2024 has reached its peak, according to Goldman Sachs. The firm’s chief U.S. equity strategist, David Kostin, has predicted a flat return for the S&P 500 for the remainder of the year.
What Happened: Kostin mentioned in an interview with Bloomberg TV that there is no economic, valuation, or earnings rationale for additional upside. The S&P 500 has already surpassed Goldman’s year-end target of 5,200.
This suggests “a flat return from now till the end of the year,” Kostin said, leaving open the possibility for a change in forecast if variables change.
Goldman’s team currently projects real GDP growth of just under 3% and earnings growth of about 8%. However, valuations are currently high ...