Wall Street strategists see limited gains for the rest of year after big first half

[Pelican Press 0]

Wall Street strategists see limited gains for the rest of year after big first half

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for the crown, only to tumble more than 10% from its high. Meanwhile, the Dow Jones Industrial Average has outperformed, notching on Friday its best week since May. The small-cap Russell 2000 also advanced last week. AI bull To be sure, Tuesday’s trading action suggests the AI theme is not yet over. The S & P 500 and Nasdaq Composite both tech-heavy benchmarks were trading in positive territory as Nvidia rebounded. The chipmaker closed Tuesday up 6.8%. Some investors are hopeful the AI rally can still bolster the S & P 500 through year end. However, others are concerned the recent action suggests it may be time to look to other asset classes, such as small caps where there could be a catch-up trade. “We believe the broader market is overdue for some consolidation/pullback as we head into the summer months,” read a note from Piper Sandler on Tuesday. “Our breadth indicators must improve significantly to confirm sustainable sector rotations. The upcoming weeks will reveal whether the current trends persist or evolve into a broader market pullback.” Meanwhile, a bearish view has been increasingly difficult to come by on Wall Street this year. But the lowest forecast in CNBC’s market strategist survey — from JPMorgan’s chief stock strategist Dubravko Lakos-Bujas — implies a truly bleak outcome for stocks this year. By year end, Lakos-Bujas anticipates the S & P 500 will fall to 4,200, or a more than 20% plunge.

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