Forecasters Who Predicted 2023 Rally Remain Bullish For Next Year

As Wall Street entered this year, the majority of top prognosticators were anticipating continued challenges for the stock market following the difficulties of 2022. Only a few foresaw a rebound, as reported by Alexandra Semenova and Sagarika Jaisinghani for Bloomberg News.

Carson Group Holdings LLC’s Ryan Detrick anticipated economic resilience would drive stock prices higher.

A year ago, prominent forecasters like JPMorgan Chase & Co.’s Marko Kolanovic and Morgan Stanley’s Mike Wilson were forecasting additional losses triggered by higher interest rates and an eventual economic downturn.

However, some consistently bullish counterparts, including Fundstrat Global Advisors LLC’s Tom Lee, Oppenheimer Asset Management’s John Stoltzfus, and Brian Belski at BMO Capital Markets, projected a recovery, citing excessive pessimism.

Carson Group Holdings LLC’s Ryan Detrick anticipated economic resilience would drive stock prices higher. Meanwhile, Bank of America Corp.’s Savita Subramanian led a wave of forecasters turning positive midway through the year.

“We talked about the market maybe making new highs and people thought we were crazy,” said Detrick, chief market strategist at Carson Group.

“But we were surprised at the overwhelming negativity that was out there. It’s important for people to remember that the market had priced in a lot of bad news.”

Now, with the S&P 500 Index points away from a record high, these bulls can claim a measure of vindication after failing to predict last year’s rout. For 2024, they see more strength as the labor market remains solid and conviction about Federal Reserve rate cuts rises.

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