16 Mins Ago
The S&P 500 could end the year at 5,500, says InfraCap’s Jay Hatfield
The S&P 500 notched a record high this week, closing above the key 5,000 mark on Friday afternoon. But Infrastructure Capital Advisors’ Jay Hatfield believes that the index still has room to go in 2024.
Hatfield’s year-end target for the broader index is 5,500, corresponding to a potential 9% rise. In the near term, however, he believes that the market will remain largely stagnant while investors wait for the Federal Reserve to begin cutting rates.
“I don’t think we’re just going to infinitely and quickly go to 5,500,” he told CNBC. “Our guess is that we stall out somewhere around 5,000 or 5,100 until we have greater clarity on both a Fed and ECB rate cut most likely in June, but possibly in May,” he told CNBC.
— Lisa Kailai Han
46 Mins Ago
Week in review
Here are the market stats from last week:
- The Dow Jones Industrial Average edged 0.04% higher last week, its fifth positive week in a row.
- The S&P 500 gained 1.37% for the week, its fifth positive week in a row.
- The Nasdaq Composite gained 2.31% for the week, its fifth positive week in a row.
- All three major averages have risen in 14 of the past 15 weeks.
— Lisa Kailai Han, Christopher Hayes
An Hour Ago
Stock futures open little changed
Stock futures hovered near the flatline on Sunday night, with the three major futures contracts all trading within 0.1% of their previous close.
— Lisa Kailai Han
