Published 59 minutes ago
Market Rally Anticipated to Broaden in 2024, States Equity Strategist
The equity strategist at Citi, Scott Chronert, predicts that the stock market rally will widen in 2024 as more sectors present strong earnings trends, shifting away from the current mega-cap growth leadership.
“We’re expecting a broader market pattern due to an increasingly consistent rise in sector earnings trends,” said Chronert on CNBC’s “Closing Bell: Overtime.”
Citi projects the S&P 500 to reach 5,000 points by mid-2024, almost 10% higher than its current level at 4,550.43.
— Alex Harring
Published an hour ago
Zoom, Peloton Primed for Recovery After Selloff, According to NYU’s Aswath Damodaran
NYU Stern School of Business finance professor, Aswath Damodaran, considers 2024 a good time to revisit smaller technology stocks such as Zoom Video Communications and Peloton, which have become undervalued after this year’s selloff and might rebound soon.
Both Zoom Video Communications and Peloton are currently undervalued after recording a selloff in 2023, largely due to higher interest rates impacting the prospects of growth stocks.
“The smaller tech stocks that have been neglected may try to regain ground next year, particularly if the market and economy remain healthy,” Damodaran stated on CNBC’s “Closing Bell.”
— Sarah Min
Published an hour ago
S&P 500 Could Reach 4800 in 2024, Predicts Renaissance Macro’s Jeff deGraaf
Renaissance Macro Research chairman Jeff deGraaf believes that the S&P 500 might hit the 4,800 level in 2024 as investors adjust to a changing macroeconomic environment, particularly with the forthcoming 2024 election.
“There’s potential for the S&P to reach 4800 next year, followed by a period of stagnant performance as the market digests the 2024 election,” deGraaf mentioned on CNBC’s “Closing Bell.”
— Brian Evans
Published an hour ago
Zscaler’s Billings Guidance Impacts Its Stock
Zscaler’s shares declined by almost 7% in after-hours trading as a result of the focus on its billings guidance in an otherwise strong earnings report.
Despite exceeding analysts’ forecasts in earnings and revenue, Zscaler kept its outlook for billings unchanged for the year, leading investors to lower their exposure to the stock.
The cybersecurity stock has seen substantial gains this year, rising 71.5%, whereas the First Trust NASDAQ Cybersecurity ETF (CIBR) has increased by 26.2%.
See Chart…
Zscaler shares
Competitor CrowdStrike also experienced a more than 1% decline in extended trading.
Both stocks reached yearly peaks during Monday’s session.
— Alex Harring, Robert Hum, Ethan Kraft
Published an hour ago
Little Movement in Stock Futures
Shortly after 6 p.m. ET, stock futures displayed muted activity.
Dow futures rose by about 0.1%, while S&P 500 and Nasdaq 100 futures remained close to flat.
— Alex Harring
