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☆ PayPal plummets as Wall Street likens CEO's strategy to 'turning around the titanic'
▼ + stars: | 2024-02-08 | by ( Kate Rooney | ) www.cnbc.com time to read: +4 min

PayPal shares tumbled more than 10% Thursday after a disappointing forecast added to uncertainty around the payments giant. While the company posted beats on most metrics for its fourth quarter on Wednesday, PayPal guided for earnings that were well below expectations. He called 2024 a transition year and told CNBC in a phone interview that the company was staying "conservative" on guidance. 'Show me' stock PayPal's CEO faced criticism for over-promising before its Jan. 25 product event . Leading up to that, Chriss told CNBC PayPal planned to "shock the world."

Persons: Alex Chriss, FactSet, it's, Wells, Andrew Bauch, Chriss, Gordon Haskett, Don Bilson, Bilson, Bryan Keane, Michael Bloom Organizations: PayPal, Apple, CNBC, Intuit, CNBC PayPal, Bank of America, Deutsche Bank

☆ Morgan Stanley hikes Nvidia price target ahead of earnings: 'AI demand continues to surge'
▼ + stars: | 2024-02-07 | by ( Hakyung Kim | ) www.cnbc.com time to read: +2 min

The near-term growth story for Nvidia remains promising amid ongoing demand for artificial intelligence processors, according to Morgan Stanley. The Wall Street investment bank raised its price target to $750 from $603 and reiterated an overweight investment rating ahead of the dominant AI chipmaker's quarterly earnings release set for Feb. 21. The new price target suggests about 10% upside from Nvidia's current levels. Nvidia remains in a strong position and is comfortable with the competitive dynamic in the chips market, according to Moore. "Longer term, cloud commentary is encouraging, but we do continue to budget for a plateau in 2025," Moore said.

Persons: Morgan Stanley, Joseph Moore, Moore, — CNBC's Michael Bloom Organizations: Nvidia, NVDA

☆ Snap shares drop 30% after company's revenue miss and weak guidance
▼ + stars: | 2024-02-07 | by ( Alex Koller | ) www.cnbc.com time to read: +3 min

Evan Spiegel, CEO of Snap Inc., speaks onstage during the Snap Partner Summit 2023 at Barker Hangar on April 19, 2023 in Santa Monica, California. Snap shares tanked 30% in Wednesday morning trading, a day after the company missed revenue estimates and issued light guidance in its fiscal fourth-quarter earnings report. Snap reported revenue of $1.36 billion for the quarter, slightly below the $1.38 billion expected by analysts, according to LSEG, formerly known as Refinitiv. They noted that strong ad improvements and impression growth at Meta and Amazon could represent another headwind for Snap's ad revenue. "Stepping back, 4Q was a mixed bag, but the acceleration in 1Q gives us confidence that things are getting back on track," the analysts wrote.

Persons: Evan Spiegel, Morgan Stanley, — CNBC's Michael Bloom, Jonathan Vanian Organizations: Snap Inc, Barker, Meta, Barclays, 4Q, SNAP, JPMorgan, CNBC PRO Locations: Santa Monica , California

☆ Three stocks stocks that could replace Tesla in the Magnificent 7
▼ + stars: | 2024-02-07 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Now some on Wall Street believe Tesla no longer deserves to be among the coveted " Magnificent 7 ," and are suggesting alternatives that could replace Elon Musk's company. "The Magnificent 7 now looks more like the Magnificent 6 as Tesla falls from the crowd," billionaire investor Leon Cooperman , CEO of the Omega Family Office, said on CNBC's " Squawk Box " Tuesday. Meanwhile, there are now 29 companies that contributed more to S & P 500 earnings than Tesla, according to Strategas Securities. The research firm identified three companies with both market cap weighting and earnings contributions (for the next 12 months) larger than Tesla — Berkshire Hathaway , Broadcom and Eli Lilly . "Berkshire spent last year fliting with the top seven, but Broadcom and Lilly have steadily gained share," Strategas said in a note.

Persons: Tesla, Elon, Leon Cooperman, Berkshire, Eli Lilly, Lilly, Strategas, Warren, Eli Lilly's, — CNBC's Michael Bloom Organizations: Elon Musk's, Omega, Strategas Securities, Berkshire Hathaway, Broadcom, Berkshire, JPMorgan Locations: Warren Buffett's Berkshire

☆ Seaport Research says a correction is here: 'The market is too narrow and policy is too tight'
▼ + stars: | 2024-02-06 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

"The market is too narrow and policy is too tight," Seaport macro strategist Victor Cossel wrote Tuesday. Cossel said the current market breadth for the S & P 500 , the Nasdaq 100 and the Russell 2000 is rolling over into the new year. Stocks have slipped to start the week after both the S & P 500 and Dow Jones Industrial Average closed at fresh record highs Friday . Tech stocks have led the charge that has driven the overall market higher, boosted by earnings results from Amazon and Facebook parent Meta Platforms . But the outperformance of tech stocks may come at a price to the broader market, Cossel said.

Persons: Victor Cossel, Cossel, Russell, Eli Lilly, Jerome Powell, — CNBC's Michael Bloom Organizations: Seaport Research Partners, Nasdaq, Federal, Dow Jones, Tech, Amazon, Facebook, Nvidia, Meta, Microsoft

☆ Elanco's $1.3 billion deal may give the animal health company more flexibility as product launches ramp up
▼ + stars: | 2024-02-06 | by ( Christina Cheddar Berk | In | ) www.cnbc.com time to read: +6 min

Elanco Animal Health's decision to sell its aqua division will narrow its focus on pet health and livestock sustainability, as management prepares to launch several new products this year. ELAN 1Y mountain Elanco stock over the past year. One area it identified is pet health, a $15 billion market that has benefited from increasing pet ownership, especially among people who see their pets as family and value their animals' health care. 'Flexibility' to invest behind launches The product launches will also give Elanco a chance to prove itself. The pet health business is very competitive and, once approved, Zenrelia will compete directly with rival Zoetis' Apoquel.

Persons: Elanco, Jeff Simmons, Simmons, Credelio, Cornell University's Richard P, FactSet, Chris Schott, ELAN, Schott, Jefferies, Glen Santangelo, Eli Lilly, Jasper Hellweg, Hellweg, Zenrelia, Zoetis, — CNBC's Michael Bloom Organizations: Merck, CNBC, ELAN, Riney Canine Health, JPMorgan, Argus Locations: U.S

☆ NYU's 'Dean of Valuation' says Nvidia is 'particularly overpriced' after its surge this year
▼ + stars: | 2024-02-06 | by ( Sarah Min | ) www.cnbc.com time to read: +1 min

New York University's Aswath Damodaran said Nvidia is overpriced, even when compared with the rest of the so-called " Magnificent Seven " companies. "And today's prices, I mean, all of the stocks looked overpriced, but I think Nvidia stands out as particularly overpriced." NVDA 1D mountain Nvidia Nvidia is one of the seven stocks that have continued to rise as a group in 2024 after leading the S & P 500 in 2023. Together, the seven stocks are up about 9% for the year. Instead, Damodaran favors Apple and Tesla in the Magnificent Seven group of companies, saying they are more attractive after their recent declines.

Persons: Aswath Damodaran, Damodaran, CNBC's, it's, Tesla, Chris Verrone, Michael Bloom Organizations: Nvidia, Nvidia Nvidia, Microsoft, Tesla, Apple Locations: York

☆ Here's who could be next to pay a dividend after Meta's big announcement, according to Goldman
▼ + stars: | 2024-02-06 | by ( Michelle Fox | ) www.cnbc.com time to read: +5 min

While the tech giant joins other megacap dividend payers such as Microsoft and Apple , many other large names still pay no dividend, including Alphabet and Amazon . Alphabet has estimated consensus sales growth of 11% for 2024, while Amazon has a consensus estimate of 12% sales growth. RH has a consensus estimate of 4% sales growth for 2024 and a 37% last-twelve-month buyback yield. It has a consensus estimate of 6% sales growth for 2024 and a last-twelve-month buyback yield of 9%. Lastly, Charter Communications has a consensus estimate that predicts 1% sales growth for 2024 and a last-twelve-month buyback yield of 5%.

Persons: Goldman Sachs, Ryan Hammond, buybacks, Hammond, Sarat Sethi, That's, Sethi, Goldman, financials, Russell, Meta's, DCLA's Sethi, RH, — CNBC's Michael Bloom Organizations: Microsoft, Apple, Meta, Amazon, AutoZone, Communications, StreetAccount Locations: Goldman's, DCLA

☆ Look beyond AI's near-term plays, Goldman says — naming long-term beneficiaries in and outside tech
▼ + stars: | 2024-02-06 | by ( Weizhen Tan | ) www.cnbc.com time to read: +1 min

Artificial intelligence took the investing world by storm in 2023, and was behind much of Big Tech's gains for the S & P 500. The S & P 500 jumped a whopping 24% or so last year, with much of the increase coming from the "Magnificent Seven." The health-care sector is one example it cited, with AI set to be used across multiple areas such as biopharma, medical devices and services. Over the long term, it will be integral to drug discovery and clinical trial design processes, Goldman said. Here are some names in its basket of long-term AI beneficiaries whose earnings per share Goldman said might get a boost from a rise in sales and margins.

Persons: Goldman Sachs, Goldman, ChatGPT, —, haven't, CNBC's Michael Bloom Locations: Big

☆ These stocks are expected to see sharp gains, boosted by analysts lifting their 2024 earnings estimates, Jefferies says
▼ + stars: | 2024-02-06 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Jefferies is eying a collection of stocks that could be poised for a breakout, and analysts are already increasing their earnings estimates for them. Stocks have seen higher 2024 earnings estimates over the past three months. SN YTD mountain SharkNinja stock. Analysts remain optimistic on the stock, however, with estimates rising on average by roughly 5% over the past three months. Earnings estimates have risen on average by more than 15% over the past three months.

Persons: Jefferies, Stocks, SharkNinja, Guggenheim, Steven Forbes, — CNBC's Michael Bloom Organizations: Federal, Jefferies Equity Research, Jefferies, Wall, GMC, Chevy, Motors, Entertainment Locations: LSEG

☆ Citi just added these names to its 'high-conviction' list of stocks — giving one over 50% upside
▼ + stars: | 2024-02-05 | by ( Weizhen Tan | ) www.cnbc.com time to read: +3 min

Citi's target price for Mineral Resources: 71 Australian dollars ($46.8), implying nearly 20% upside. Citi's target price for Stockland: AU$5.10, or around 12% potential upside. Citi's target price for Intuitive Surgical: $428, or around 11.5% potential upside. Prosus Citi says Amsterdam-listed investment group Prosus is one of the European stocks most exposed to China and is set to be a "beneficiary of improving sentiment" to China. Citi's target price for Prosus: 42.50 euros ($46.2), implying 52.5% upside.

Persons: Stockland, Prosus, — CNBC's Michael Bloom Organizations: Citi, Mineral Resources Citi, Mineral Resources, Stockland, Prosus Citi Locations: United States, Europe, Asia, Australia, Amsterdam, China

☆ While Chinese stocks search for a bottom, analysts say these shares are poised to bounce
▼ + stars: | 2024-02-04 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

Chinese stocks have given up much of their recent gains as investors debate whether the bottom is really in. They screened for names with more than $1 billion in capitalization and expectations for earnings growth in the next two years. Such signals come at a time when Chinese stocks have sold off sharply. Chinese stocks – whether measured by those that trade in the mainland, Hong Kong or U.S. – have fallen for more than two years. "In the past Chinese companies grew rapidly, many companies' results grew exponentially," he said in Mandarin, translated by CNBC.

Persons: Evercore, Rachel Wang, Clocktower, Ye Yuhua, — CNBC's Michael Bloom Organizations: People's Bank of China, Seng Index, Shanghai, Morningstar, CNBC, Baidu, Li Auto Locations: U.S, Beijing, Hong Kong, China, Shanghai, Guangzhou

☆ Forget FANG and Magnificent 7, the new hot portfolio is 'MnM,' says Raymond James
▼ + stars: | 2024-02-02 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Microsoft, Nvidia & *now* Meta Leading in AI Era," Raymond James analyst Josh Beck said in a note to clients. META NVDA,MSFT YTD mountain MnM portfolio Apple, Alphabet, Amazon, Microsoft, Meta Platforms, Nvidia and Tesla – referred to as the Magnificent 7 –recently replaced the popular FANG acronym coined about a decade ago. Apple shares are now down about 3% on the year and another 3% in premarket trading Friday. Now, Raymond James believes that "MnM" could take the baton from FANG and Magnificent 7 to become the next hottest tech portfolio on Wall Street. Nvidia shares have climbed another 27% this year following a whopping 238% rally last year.

Persons: FANG, Raymond James, Josh Beck, Beck, Apple, Mark Zuckerberg, — CNBC's Michael Bloom Organizations: Microsoft, Nvidia, Meta, Tesla, Apple Locations: China, U.S

☆ Japan's Aozora Bank hits near 3-year lows as bad U.S. property loans prompt loss forecast
▼ + stars: | 2024-02-02 | by ( Clement Tan | ) www.cnbc.com time to read: +4 min

The bank's Tokyo-listed shares fell for a second day, tracking losses in U.S. regional lenders overnight. Aozora Bank shares hit near three-year lows Friday, as investors continued to hammer the Japanese commercial lender after it downgraded its annual outlook to a loss on bad U.S. commercial real estate loans. "U.S. real estate lending for around 10% of (its) total lending with a CET1 ratio of below 7% due to unrealized losses on securities has no precedent." Aozora's update came shortly after U.S. regional bank New York Community Bancorp announced a surprise net loss of $252 million for the fourth quarter. "However, higher losses tied to commercial real estate office exposure, increase in criticized loans tied to multi-family CRE [commercial real estate] are a reminder of ongoing credit normalization that we are likely to witness across the industry," Bank of America U.S. banking analysts wrote.

Persons: Goldman Sachs, Aozora, Masahiko Sato, Sato, NYCB, — CNBC's Michael Bloom Organizations: Aozora Bank, Japan's Aozora Bank, Nikkei, Equity, SMBC Nikko Securities, New, New York Community Bancorp, Signature Bank, Bank of America, Bank of America U.S Locations: Tokyo Japan, Tokyo, U.S, New York

☆ BofA says NY Community Bancorp plunge isn't indicative 'of wider problem'
▼ + stars: | 2024-02-01 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

NYCB took over the failed Signature Bank during the regional bank crisis in 2023. BofA noted that the fourth-quarter results for the big six U.S. banks as well as other large regional banks were "constructive on credit quality." NYCB 5D mountain New York Community Bancorp Secondly, Bank of America said larger banks have strong capital buffers against credit losses. Category IV refers to banking standards for U.S. banks with total assets of $100 billion or more. Jefferies also cited an "unexpectedly faster regulatory mandate" to Category IV bank compliance for NYCB.

Persons: NYCB, BofA, Jon Arfstrom, Jefferies, — CNBC's Michael Bloom Organizations: of America, New York Community Bancorp, Bank, Bank of America, York, Bancorp, Fed, RBC, Equity, NYCB, Jefferies Locations: NYCB

☆ Goldman gives this innovative cancer-fighting biotech nearly 70% upside
▼ + stars: | 2024-02-01 | by ( Hakyung Kim | ) www.cnbc.com time to read: +1 min

Biotech company Arvinas could see its shares rally from a potential medium- to long-term commercial opportunity, according to Goldman Sachs. The firm initiated coverage on Arvinas with a buy rating and price target of $70. That suggests 68.7% upside potential from where shares closed Wednesday. According to analyst Paul Choi, breast cancer drug vepdegestrant (ARV-471), which is being co-developed by Arvinas and Pfizer , presents an "underappreciated" commercial opportunity. Arvinas has a "differentiated protein degrader platform that could expand several major markets," Choi wrote in a Thursday note.

Persons: Goldman Sachs, Paul Choi, Arvinas, Choi, — CNBC's Michael Bloom Organizations: Biotech, Arvinas, Pfizer

☆ Alibaba, ASML and more: Jefferies reveals its 'highest-conviction' stocks to buy — and one has 118% upside
▼ + stars: | 2024-02-01 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

Investment bank Jefferies has revealed its top stock picks that are exposed to major themes like innovation, new products, and emerging markets. The investment bank forecasts Prudential shares will rise 118% to 18,000 British pence over the next 12 months. The investment bank expects Hong Kong-listed shares of Alibaba to rise to 128 Hong Kong dollars ($17), which implies an 84% upside potential. The investment bank expects shares to rise 57% over the next 12 months. The investment bank believes ASML's current valuation of 33 times forward earnings is too low since it forecasts 49% earnings growth over the next two years.

Persons: Jefferies, Prudential Jefferies, Prudential's, Anil Wadhwani, Eddie Wu, Wu, Alibaba's, Joe Dickerson, Dickerson, — CNBC's Michael Bloom Organizations: Prudential, Jefferies, Hong, U.S, HSBC Jefferies, HSBC, ASML Semiconductor, DexCom Locations: U.K, Asia, China, India, Africa, Hong Kong, Alibaba

☆ Want to cash in on the weight-loss drug boom? Morgan Stanley names 4 global stocks
▼ + stars: | 2024-02-01 | by ( Amala Balakrishner | ) www.cnbc.com time to read: +4 min

Under-the-radar stock picks Morgan Stanley reckons the way to play the obesity theme in Asia is through names involved in GLP-1 drug development that "could find upside in burgeoning overseas markets." Calling it "top beneficiary as global demand for GLP-1 drugs significantly outpaces capacity," Morgan Stanley has an overweight rating on the stock. Morgan Stanley has an investment horizon of just over six months for WuXi AppTec and Innovent and over 12 months for Chugai and EBOS. Morgan Stanley's analysts estimate that worldwide sales of Orforglipron could hit $7 billion in 2023. Elsewhere, it sees opportunities for EBOS following the Australian government's approval for it to distribute obesity drugs.

Persons: Eli Lilly, Morgan, Sean Wu, Morgan Stanley's, Health Organization's, Morgan Stanley, Chugai, Goldman, EBOS, CNBC's Michael Bloom Organizations: Novo Nordisk, Health, WHO, BMI, WuXi AppTec, Australian, Hong Kong Stock Exchange, China Health Care, Goldman Sachs, Health Care Equity, Zealand ETF Locations: U.S, Asia, Asia Pacific, Australia, GLP, WuXi, China, Japan, New Zealand, Zealand

☆ Trump vs. Biden: Goldman Sachs names the global stocks to play the U.S. elections
▼ + stars: | 2024-01-31 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

As the U.S. presidential election comes into the spotlight, Goldman Sachs has assessed the potential impact on global markets by changes in regulation, taxation, and other government policies. However, it sees U.S. subsidiaries of foreign companies potentially gaining if Trump delivers on a cut to corporation taxes. On average, European companies generate 25% of sales in the U.S., but most come from U.S.-based businesses rather than exports from the EU, according to Goldman Sachs. As these companies run substantial U.S. operations and assets, Goldman also sees them as benefiting from potential U.S. corporate tax cuts under Trump. However, they flagged that Biden has mentioned increasing the rate of corporate tax, "which would have an impact on US-exposed companies."

Persons: Goldman Sachs, Donald Trump, Trump, DAX, Sharon Bell, Joe Biden, Goldman, Biden, Michael Bloom Organizations: U.S, Ukraine, Trump, Eurostat, Stocks, Intercontinental Hotels Group, Boeing, Aero, BAE Systems, Kerry Group, Goldman, Republican Locations: United States, U.S, Europe

☆ Megacap dominance today is more similar to the dot-com bubble than investors realize, warns JPMorgan
▼ + stars: | 2024-01-31 | by ( Sarah Min | ) www.cnbc.com time to read: +3 min

Today's dominance by the "Magnificent Seven" is starting to look eerily similar to how markets were during the 1990s dot-com bubble, according to JPMorgan. By the end of 2023, the 10 largest U.S. stocks, which includes all of the Magnificent Seven names, accounted for 29.3% of the MSCI USA. The 10 largest stocks are: Apple, Microsoft, both share classes of Google parent Alphabet , Amazon , Nvidia , Meta , Tesla , Broadcom and JPMorgan . .SPX YTD mountain S & P 500 To be sure, the valuations of the top 10 stocks in 2000 were "significantly more extreme" than they are today, Chaudhry said. What's more, the top 10 stocks today are more crowded than they were even in 2000.

Persons: That's, Khuram Chaudhry, Chaudhry, Michael Bloom Organizations: JPMorgan, USA, Microsoft, Nvidia, Meta, Broadcom, Apple Locations: U.S, USA

☆ 50 years of history tell you to buy gold when the Fed cuts rates, says Bernstein
▼ + stars: | 2024-01-31 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

The Federal Reserve is poised to cuts interest rates this year and history shows that has pushed up precious metal prices, according to Bernstein analyst Bob Brackett. Traders are already moderating expectations for rate cuts, though gold has held steady so far, Brackett said. Indeed, respondents to CNBC's recent Fed survey now anticipate the central bank will cut rates fewer times this year and start the cycle later. "In general, the anticipation of more rate cuts often lead to a positive sentiment on gold and mining equities, while the expectation of fewer rate cuts tends to be negative," Brackett said. "Gold in the long term is generally observed to benefit from rate cuts," the analyst said.

Persons: Bernstein, Bob Brackett, Brackett, Bernstein's, — CNBC's Michael Bloom Organizations: Federal, Fed, Traders Locations: U.S

☆ Here's the magnitude of AI's effect on Microsoft's bottom line and what it means for the stock
▼ + stars: | 2024-01-31 | by ( Samantha Subin | ) www.cnbc.com time to read: +3 min

Microsoft seemed to pass Wall Street's latest test when it demonstrated its ability to monetize artificial intelligence. The action came a day after Microsoft issued light guidance but delivered a top-and-bottom line beat and strong AI-focused commentary. Wall Street analysts across the board regarded Microsoft's results as an affirmation of its AI leadership position. Piper Sandler's Brent Bracelin said in a Tuesday note that the results "reinforced Microsoft's first-mover advantage in AI applications." Meanwhile, Goldman Sachs analyst Kash Rangan called the company one of the "most compelling" opportunities across sectors, viewing AI as a major boon for an "already strong growth profile."

Persons: Brent Thill, Satya Nadella, Amy Hood, Morgan Stanley's Keith Weiss, Piper Sandler's Brent Bracelin, Goldman Sachs, Kash Rangan, Mark Murphy, — CNBC's Michael Bloom Organizations: Microsoft, Barclays, Raimo, Wall Street

☆ Walmart just split its stock. History shows what will happen next with the megacap
▼ + stars: | 2024-01-31 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +3 min

Walmart 's plan to split its stock into three pieces should do nothing for the underlying strength of the retail giant's business, but history suggests the move might make shareholders richer anyway. "Stocks have historically outperformed the market immediately following the split announcement, as well as 6-months following the split effective date. In the six months after the effective date, the newly split shares outperformed the index by 4.7%. Walmart stock closed at $165.59 per share on Tuesday, less than $5 from its all-time high. For Walmart specifically, Oppenheimer analyst Rupesh Parikh said in a note to clients on Wednesday that the stock split is just a reassurance that the company is on the right track.

Persons: Outperformance, Morgan Stanley, Boris Lerner, Lerner, Oppenheimer, Rupesh Parikh, Parikh, — CNBC's Michael Bloom Organizations: Walmart

☆ These smaller stocks could see big gains in 2024, Bank of America says
▼ + stars: | 2024-01-30 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +5 min

Against this backdrop, Bank of America on Monday released a list of best small- and mid-cap ideas for 2024. Strategist Jill Carey Hall added that this year's basket of 31 stocks has average 12-month potential upside of 29%, and is slightly tilted towards value stocks over growth. Shares of Bath & Body Works have trailed the market, rising 2.4% in 2023 and 0.4% so far in 2024. Bank of America also named United Airlines one of its top SMID ideas for 2024. Other names on Bank of America's list of SMID picks included e-commerce retailer Wayfair and aircraft leasing company Air Lease .

Persons: That's, Russell, Jill Carey Hall, Lorraine Hutchinson, Hutchinson, BofA, Geoff Meacham, Lou Gehrig's, Meacham, CyberArk, Tal Liani, Liani, Max, Andrew Didora, UAL, Didora, — CNBC's Michael Bloom Organizations: Wall, Bank of America, Monday, Body, Pharmaceuticals, TAM, United Airlines, Boeing, Bank of, Air Lease Locations: U.S, Amylyx, cybersecurity, CY26, Chicago

☆ Wall Street is on pace to finish January higher. Why that could be good news for the rest of the year
▼ + stars: | 2024-01-30 | by ( Hakyung Kim | ) www.cnbc.com time to read: +4 min

That's according to the "January barometer" from the "Stock Trader's Almanac," which argues that "as the S & P 500 goes in January, so goes the rest of the year." The S & P 500 has managed to trade above the 4,900 level already this month and is currently up 3.3% in the new year. That's enough to put the broad market index trading above Wall Street strategists' average 2024 target of 4,914, according to the CNBC PRO Market Strategist Survey. .SPX YTD mountain S & P 500 in 2024 Election Year Notably, 2024 is a U.S. presidential election year. By comparison, the S & P 500 typically gains 15% in those years with a higher January.

Persons: Stocks, Stephen Suttmeier, Suttmeier, Sam Stovall, Outperformers, Dow, Stovall, What's, — CNBC's Michael Bloom Organizations: Dow Jones Industrial, Nasdaq, Wall, CNBC, Market, Survey, Bank of America, Dow Jones Locations: U.S

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