For investors cheering stocks' strong rally into the year end, Barclays warned that it could be eating into 2024's return.
A number of macro news events sparked a relief rally in equities as 2023 begins to wrap up, with the S & P 500 registering four straight weeks of gains and climbing 8.5% in November.
"Combined with year-end seasonality, the surge in institutional flows could push equities over their skis, essentially 'borrowing' 2024 returns and leaving less room for upside next year," he added.
.SPX YTD mountain S & P 500 The firm expects only single-digit returns next year as modest economic deceleration offsets the benefit of easing inflation.
Barclays raised its 2024 S & P 500 price target to 4,800, from 4,500 previously.
Persons:
Venu Krishna, Krishna, dovish, Treasury QRA, — CNBC's Michael Bloom
Organizations:
Barclays, Treasury, Big Tech, CNBC Pro's, Survey, Wall