If you go back and look at some of the predictions Wall Street experts made for 2023, you get a mixed bag. Analysts at JPMorgan Chase said the S&P 500 would be at 4,200 at year’s end, while Morgan Stanley was more pessimistic, targeting 3,900 for the S&P 500. Both Bank of America and Goldman Sachs said 4,000 for the benchmark, while Wells Fargo was the most bullish of them all, targeting 4,300 to 4,500.
As we stand here on Nov. 14, Wells Fargo appears the most prescient, as the S&P 500 opened Tuesday at 4,411 — up by about 15% for the year. Of course, there is still a month and a half left in the year, so it could certainly change.
Additionally, most economists were calling for a recession in 2023. In fact, one source said two out of three economists predicted a recession this year. However, we can now say with certainty that a recession did not happen in 2023.
As of this writing, the bulls are right and the bears are wrong, but what about 2024? Two major firms, Goldman Sachs (NYSE: GS) and Morgan Stanley (NYSE: MS), have already weighed in with their projections this week. Here’s what they had to say.
This post appeared at ValueWalk.com.