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Market Update: US Stocks Hold Near Record Highs as Bull Rally Continues

Monday Market Summary

US stock futures held near record-high levels on Monday, ahead of a holiday-shortened trading week, as investors ponder whether the bull rally that has dominated 2024 has more room to run. The tech-heavy Nasdaq Composite (^IXIC) hovered around the flatline, while the S&P 500 (^GSPC) dipped 0.1% and the Dow Jones Industrial Average (^DJI) lost about 0.4%.

Revised Year-End Targets

Stocks have continued to soar, driven by a tech-fueled rally that has led Wall Street to revise its year-ahead targets for the S&P 500. Evercore ISI boosted its year-end price target to 6,000, while Goldman Sachs upped its target to 5,600. The benchmark index topped the 5,400 level for the first time last week.

Fewer Catalysts This Week

With last week’s double dose of inflation reports and the Federal Reserve meeting behind markets, fewer catalysts are set to greet investors this week. The highlight will be Wednesday’s retail sales report, which provides a glimpse into the health of the US consumer.

Fed Chatter Expected

Fed policymakers will likely pick up their chatter after last week’s decision. Minneapolis Fed President Neel Kashkari on Sunday hinted that a December rate cut could be the Fed’s only move this year. Investors are pricing in around a two-thirds chance that the central bank begins its cuts by September, according to the CME FedWatch tool. The New York Fed’s John Williams and the Philadelphia Fed’s Patrick Harker are slated for appearances Monday.

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Market Highlights

• Nasdaq Composite (^IXIC) hovered around the flatline
• S&P 500 (^GSPC) dipped 0.1%
• Dow Jones Industrial Average (^DJI) lost about 0.4%
• Evercore ISI boosted its year-end price target to 6,000
• Goldman Sachs upped its year-end target to 5,600
• Retail sales report on Wednesday to provide insight into US consumer health

What’s Ahead

Investors will be watching closely for the retail sales report on Wednesday, as well as Fed chatter and appearances by policymakers. AI legalese decoder can help investors stay informed and make data-driven decisions in this dynamic market environment.

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