LIVE MARKETS-J.P. Morgan sees S&P 500 down from current levels in 2024

Dow Jones Industrial Average +0.01%
NASDAQ +1.10%
S&P 500 index +0.70%
VanEck Vectors Indonesia Index ETF +0.49%
PHLX Semiconductor +1.85%

VanEck Vectors Indonesia Index ETF

IDX

16.60

+0.49%

Dow Jones Industrial Average

DJI

39069.59

+0.01%

NASDAQ

IXIC

16920.79

+1.10%

S&P 500 index

SPX

5304.72

+0.70%

PHLX Semiconductor

SOX

5220.91

+1.85%

Main U.S. indexes modestly green: DJI up ~0.4%

Financials lead S&P 500 sector gainers; Comm Svcs weakest group

Dollar ~flat; gold up; crude rallies ~2%; bitcoin slips

U.S. 10-Year Treasury yield falls to ~4.26%

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J.P. MORGAN SEES S&P 500 DOWN FROM CURRENT LEVELS IN 2024

J.P. Morgan equity strategists in their 2024 outlook say they expect the S&P 500 .SPX to end next year at 4,200, which is about 8% below the index's current level of about 4,565. The bank cites a difficult macro environment for stocks including lackluster global earnings growth.

"Absent rapid Fed easing, we expect a more challenging macro backdrop for stocks next year with softening consumer trends at a time when investor positioning and sentiment have mostly reversed," according to a note out Wednesday from Dubravko Lakos-Bujas and strategists.

"Equities are now richly valued with volatility near the historical low, while geopolitical and political risks remain elevated. We expect lackluster global earnings growth with downside for equities from current levels."

Their recommendation is for investors to pick "bond proxies and quality at a reasonable price," and they said that the utilities sector .SPLRCU is "at a sweet spot of this mix."


(Caroline Valetkevitch)

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WEDNESDAY'S LIVE MARKETS POSTS SINCE 0900 EST/1400 GMT:


GOLD PROSPECTS NEAR RECORD HIGHS - CLICK HERE


BIG RETURNS BECKON OUTSIDE THE MAGNIFICENT SEVEN -RBA - CLICK HERE


EVERY SILVER LINING HAS A CLOUD: GDP ET AL - CLICK HERE


CORD CUTTERS TO ECLIPSE PAY TV VIEWERS BY THE END OF 2023 - CLICK HERE


WALL STREET JUMPS AFTER "LOOSE FED LIPS SINK YIELDS" - CLICK HERE


S&P 500 INDEX POISED TO FOLLOW FUTURES' PREMARKET FLOURISH - CLICK HERE


FOR WEDNESDAY'S LIVE MARKETS POSTS PRIOR TO 0900 EST/1400 GMT - CLICK HERE




(Terence Gabriel is a Reuters market analyst. The views expressed are his own)

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