US Stock Market Expected To Continue Rally Into 2024

According to Odaily, a recent Bloomberg survey indicates that despite the upcoming US presidential election being a significant uncertainty, the robust rebound in the US stock market this year is likely to extend into the final phase of 2024. The median forecast from 411 respondents suggests that the S&P 500 index will approach 6,000 points by the end of the year, a 2.3% increase from last Friday's close, continuing to set new highs. Three-quarters of the respondents anticipate that the current earnings season will boost the index, with the strength of US corporate performance seen as more crucial to stock market performance than the outcome of the November election or the Federal Reserve's policy direction. Data shows that approximately 70 companies within the S&P 500 index have already reported their earnings, with 76% surpassing expectations. Respondents expect that the tech giants reporting later will once again lead the way. Overall, 75% of those surveyed predict that the 'Big Seven' will outperform or match the market's other companies this quarter.