The S&P 500 (^GSPC) has been 2024's standout star among market indexes, closing at its 36th record high yesterday as it continues to outperform market strategists' forecasts. On the S&P 500's good fortune, Oppenheimer is raising its yearend price target from 5,500 to 5,900.

Oppenheimer chief investment strategist John Stoltzfus — the expert behind the price target raise — comes onto The Morning Brief to discuss the positive indicators shown in the index's "not robust, but resilient" rally and earnings growth.

Stoltzfus also weighs in on the likelihood of an interest ratecutting cycle by the Federal Reserve:

"The fed is set on a likely cut in November. And we think that's a down payment for both Main Street and Wall Street and indication by the Fed that they are genuinely coming to the end of the Fed funds hike cycle with a message of 'but we're not quite there yet.' But here's the down payment saying that 'yeah, we're getting we're getting close to, a more normalization standard here.'"

About Yahoo Finance:

Yahoo Finance provides free stock ticker data, uptodate news, portfolio management resources, comprehensive market data, advanced tools, and more information to help you manage your financial life.

Get the latest news and data at finance.yahoo.com

Download the Yahoo Finance app on Apple (https://apple.co/3Rten0R) or Android (https://bit.ly/3t8UnXO)

Follow Yahoo Finance on social:

X:   / yahoofinance  
Instagram: https://www.instagram.com/yahoofinanc...
TikTok: https://www.tiktok.com/@yahoofinance?...
Facebook:   / yahoofinance  
LinkedIn:   / yahoofinance  

#oppenheimer #yahoofinance #stockmarket