Barclays raised its year-end 2024 target for the S&P 500 to 5,300 from 4,800

  • reflects our view that inflation will continue to normalize while the economy remains relatively resilient, and that Big Tech will maintain leadership in earnings growth

S&P 500 earnings estimate for full-year 2024 to $235 per share from $233

Bull and bear case extremes:

  • strong Big Tech earnings could push the index to 6,050
  • disappointing results along with a weakening economic backdrop could send the index down to 4,500

"We believe that risk/reward is tilted toward the bull case, as macro data suggest that the odds of an economic re-acceleration are beginning to outweigh the probability of even a mild recession"

Jerome Powell with bull