Investors are weighing the likelihood the Federal Reserve's aggressive approach to raising interest rates will push the economy into recession. companies that rely on loans from these smaller banks. The S&P 500 communication services sector (.SPLRCL) is up 32% for the year to date, while technology (.SPLRCT) is up about 28%.īut the recent collapse of Silicon Valley Bank and a few other regional banks has led to concerns banking instability will hurt U.S. Gains this year are largely thanks to big growth and technology stocks, which have rallied as other areas of the market have faltered, like regional banks. The S&P 500 is up about 9% so far in 2023 after falling 19.4% in 2022. equity strategy and quantitative research for Credit Suisse, whose year-end target for the S&P 500 this year is 4,050. "It's just a very uninspiring, low-growth backdrop, with tight monetary policy and earnings that will be down this year versus last," said Jonathan Golub, head of U.S. debt default, 12 of 15 strategists who answered a question about the outlook for stocks said trading will be range bound in the coming three months. Given the myriad risks to the market, including a possible U.S. They see the benchmark index (.SPX) ending the year at 4,150, down slightly from Monday's close of 4,192.63, but still up about 8% from the end of 2022, based on the median forecast of 43 strategists polled by Reuters during the last two weeks. shares will slip marginally between now and year-end as past interest rate hikes, troubled regional banks and weak earnings weigh on sentiment, according to strategists in a Reuters poll. NEW YORK, May 23 (Reuters) - The S&P 500 index of U.S.
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