JPMorgan strategists see ‘challenging’ backdrop for US stocks in 2024

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., November 16, 2023. REUTERS/Brendan McDermid Acquire Licensing RightsNEW YORK, Nov 29 (Reuters) – J.P. Morgan equity strategists on Wednesday issued a dour outlook for U.S. stocks for the year ahead, pointing to weak expected earnings growth, expensive valuations and high geopolitical risks.The bank projected a 2024 price target for the benchmark S&P 500 (.SPX) of 4,200, or about 8% below current levels.Absent rapid easing of monetary policy by the Federal Reserve, “we expect a more challenging macro backdrop for stocks next year,” …
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