Leading investment firms generally agree that stocks will struggle after the stunning AI-powered rally in the first half of the year. Roy Rochlin/Getty Images
Equity markets performed significantly better than most strategists expected in the first half of 2023.
However, leading investment firms are assuming that profits will no longer be so easy to achieve.
Here’s a compilation of half-year forecasts from some of Wall Street’s top minds.
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At the start of 2023, investors were expecting a recession. Instead, they enjoyed a remarkably strong first half for the S&P 500 and the best start in 40 years for the tech-heavy Nasdaq Composite.
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High interest rates, persistent inflation and even unrest in the banking sector, not seen since the financial crisis, have not slowed US stocks this year. Instead, markets focused on the resilience of the economy, the inconsistent strength of the job market and the growth of artificial intelligence.
However, there are serious doubts among strategists as to whether the S&P 500 can maintain its momentum. Several top Wall Street companies, including JPMorgan and UBS, warned that stocks could slide in the second half of the year and that an economic downturn could be imminent.
To get a consensus on where stocks and the economy are headed, Business Insider solicited half-year forecasts and year-end price targets for the S&P 500 from seven leading investment firms.