In the middle of the AI revolution and the Federal Reserve's steadfast stance on interest rates, the stock market has seen unexpected twists and turns. Despite hopes of the U.S. sidestepping a potential recession, the stock market's trajectory remains unpredictable.
BofA's Take on Old Economy Stocks
This week, BofA made headlines by endorsing "old economy" giants, suggesting that blue-chip powerhouses like NVIDIA Corporation (NASDAQ: NVDA) and Meta Platforms, Inc. (NASDAQ: META) could be the torchbearers propelling the S&P 500 forward while capitalizing on the AI wave, according to a note by Reuters.
S&P 500's Current Stand
Currently, the S&P 500 is wrestling with a decline of nearly 3% from June 30, standing at 4,320.06.
Bullish Predictions Amidst Market Volatility?
Amid market turbulence, a chorus of industry gurus have belted out a bullish tune, forecasting a 19% ascent in the S&P 500's price within the next year, as highlighted by FactSet's insights. Its latest bottom-up target price for the S&P 500? A scorching 5152.11.
Spotlight on Sectoral Growth
Breaking down the data sector-wise, the information technology (+22.8%), consumer discretionary (+22.7%) and real estate (+22.6%) sectors are poised for the most significant price hikes, as noted by FactSet.
Conversely, the energy sector, ...