A logo of Swiss bank UBS is seen in Zurich, Switzerland March 29, 2023.
REUTERS/Denis Balibouse/File Photo Acquire Licensing RightsOct 16 (Reuters) - UBS said it now expects the S&P 500 (.SPX) to hit 4,700 points only by December 2024, instead of the middle of the year as it forecast earlier, due to expectations of higher-for-longer U.S. interest rates.
"The delay ... is primarily related to the recent rapid move higher in interest rates and ... expectations that interest rates will remain higher for longer," said David Lefkowitz, head of chief investment office, U.S. equities, UBS.
The fear of higher-for-longer rates has pushed the S&P 500 down about 6% from this year's highs hit late in July.
Reporting by Reshma Rockie George and Susan Mathew in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.
Persons:
Denis Balibouse, David Lefkowitz, Lefkowitz, Reshma Rockie George, Susan Mathew, Savio D'Souza
Organizations:
Swiss, UBS, REUTERS, The Federal, Thomson
Locations:
Zurich, Switzerland, U.S, Bengaluru