John Flood, a partner at Goldman Sachs in a note to clients on Wednesday after the CPI data commented that
“For the 1st time in 2023, we are currently being asked by multiple clients if we think the S&P 500 is on track to clock an ATH before year-end”. Flood responds, “I am going with a yes on this”.
The S&P index is currently up 17.21% on the year. What is left on the topside to reach an all-time high?
The all-time high in the was reached at 4818.63 back on January 4, 2022. With the current price at 4500, it would take a 7.1% move to the upside.
S&P index is 7.1% from an all-time high
Anything is possible, but in order to get there, there has to be some pretty good earnings coming out across many sectors not just the “Magnificent 7” or whatever you want to label the likes of Apple Inc., Alphabet Inc., Meta Platforms Inc. Microsoft Corp., NVIDIA Corp., Amazon.com Inc. and Tesla Inc. which have been the big contributors to the S&P and Nasdaq indices.
What do you think? Can we get there in 2023?
PS. The Nasdaq is 13.12% from a new ATH. The Dow is 6.8% from it’s ATH