The stock market is witnessing the start of a downdraft that will run through the rest of 2024 after retreating from an all-time high hit last month, according to Evercore ISI’s Julian Emanuel.
The firm’s chief equity and quantitative strategist reiterated his S&P 500 Index target of 4,750 before the year ends, implying another 6% drop from Wednesday’s closing level of 5,022. Stalling progress on inflation, uncertainty around when the Federal Reserve will cut interest rates, and election volatility in the second half of the year are poised to pressure the stock market, in his view.
