VOO - Piper Sandler calls for an S&P year-end target of 5050

2024-01-17 10:09:04 ET

The benchmark S&P 500 ( SP500 ) index had a strong 2023 trading year and Piper Sandler argued Tuesday that 2024 should also be a positive year for the index, issuing a year-end price target of 5,050.

At the moment, the index trades at near the 4,730 level, and for Piper Sandler's call to be correct, the S&P would need to advance by roughly 7% from its current level.

“We expect equities to consolidate in a High Level Trading Range during the first half of the year but finish stronger post the election into year-end,” the financial institution stated in an investor note towards its clients.

“Moderate pullbacks and narrow consolidations that confirm support should set up as buying opportunities,” Piper Sandler added.

Whether or not Piper Sandler is correct in its call, any movement seen in the S&P 500 will ripple out to multiple exchange traded funds that track the index as well as other funds that have leveraged positions against the index. Outlined below are a group of those ETFs that investors can further analyze throughout the 2024 trading year.

• SPDRS&P 500 ETF Trust ( NYSEARCA: SPY ) -0.1% YTD.
• iShares Core S&P 500 ETF ( NYSEARCA: IVV ) -0.1% YTD.
• Vanguard S&P 500 ETF ( NYSEARCA: VOO ) -0.1% YTD.
• ProShares Ultra S&P500 ETF ( SSO ) -0.5% YTD.
• ProShares UltraPro S&P500 ETF ( UPRO ) -0.9% YTD.
• ProShares Short S&P500 ETF ( SH ) +0.4% YTD.
• ProShares UltraShort S&P500 ETF ( SDS ) +0.6% YTD.
• ProShares UltraPro Short S&P500 ETF ( SPXU ) +1.1% YTD.

More on Markets

• Retail sales heat up more than expected in December
• Boeing falls further after collision at Chicago's O'Hare International Airport
• 2024 will be a pivotal year for artificial intelligence - Deutsche Bank
• Hedge funds still piling into the Nasdaq
• Hedge funds significantly underperformed the overall market in 2023

For further details see: