The S&P 500 (^GSPC) has marked its 46th record high of 2024 as the third quarter earnings season gets off to a promising start. However, with the current bull market run, investors question how long this momentum can sustain. Oppenheimer’s chief investment strategist, John Stoltzfus, joins Morning Brief to share his market outlook.
Stoltzfus maintains an optimistic view, believing there’s still room for market growth, though he cautions it may not be “necessarily in a straight line.” He emphasizes that continued upside will hinge on third quarter earnings meeting or exceeding expectations. Stoltzfus notes several things could lift markets from earnings, including guidance and “the positive surprises.”
Despite potential fluctuations, Stoltzfus holds a bullish year-end target of 5900 for the S&P 500 — describing the market prospects as looking “pretty pretty, pretty good.”
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