S&P 500 forecasts from analysts at UBS:

  • in Q4 the index will remain rangebound, hitting 4500 by the end of 2023
  • 4700 by June of 2024

UBS say that:

  • resumption of student loan payments
  • a cooling labour market

that will both weigh on economic growth.

On profit expectations for the median company in the S&P 500

  • are up 5.6% since July 2022
  • estimates are at or above all-time highs in every sector but energy, healthcare, and materials.
  • "The improving profit picture is one of the key reasons that we think the market can hold on to its year-to-date gains"
ubs s&p 500 forecasts