S&P 500 forecasts from analysts at UBS:
- in Q4 the index will remain rangebound, hitting 4500 by the end of 2023
- 4700 by June of 2024
UBS say that:
- resumption of student loan payments
- a cooling labour market
that will both weigh on economic growth.
On profit expectations for the median company in the S&P 500
- are up 5.6% since July 2022
- estimates are at or above all-time highs in every sector but energy, healthcare, and materials.
- “The improving profit picture is one of the key reasons that we think the market can hold on to its year-to-date gains”