Oppenheimer strategist explains why he raised his S&P 500 price target

The S&P 500 (^GSPC) has been 2024’s stand-out star among market indexes, closing at its 36th record high yesterday as it continues to outperform market strategists’ forecasts. On the S&P 500’s good fortune, Oppenheimer is raising its year-end price target from 5,500 to 5,900.

Oppenheimer chief investment strategist John Stoltzfus — the expert behind the price target raise — comes onto The Morning Brief to discuss the positive indicators shown in the index’s “not robust, but resilient” rally and earnings growth.

Stoltzfus also weighs in on the likelihood of an interest rate-cutting cycle by the Federal Reserve:

“The fed is set on a likely cut in November. And we think that’s a down payment for both Main Street and Wall Street and indication by the Fed that they are genuinely coming to the end of the Fed funds hike cycle with a message of ‘but we’re not quite there yet.’ But here’s the down payment saying that ‘yeah, we’re getting we’re getting close to, a more normalization standard here.'”

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