Citi's forecast of 4,000 is below the average year-end forecast of 4,227 from Wall Street strategists, according to CNBC Pro's market strategist survey, which rounds up the top 15 strategists' predictions. Global inflows boosting the Japanese equities should peak soon," Citi said. Volatility tends to rise after a sharp fall in market breadth. "Growth may be set for a pullback as AI euphoria enters a digestive phase. Meanwhile, other headwinds could put pressure on the market, including a potential recession and waning inflows into equities. Citi said the run-up in artificial intelligence-related stocks could be overdone.
However, the rally has cooled in July as investors anticipate more rate hikes from the Federal Reserve. The tech-heavy Nasdaq Composite surged 31.7%, for its best first half since 1983. "Our US Strategy team thinks megacap Growth is set for a pullback, while US recession risks could still bite." The market ended the first half of the year with a bang as the S & P 500 popped 15.9% for its best first half since 2019. "After a solid 1H, US outperformance may go on pause," Citi strategists said in a note. The equity benchmark closed Friday's session at 4,398.95. The Wall Street firm slashed the rating to neutral from overweight Monday and said the S & P 500 will pull back 9% to end the year at 4,000. equities after a strong first half of 2023, saying an economic slowdown will weigh on company earnings. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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