Gelonghui, May 13 | Goldman Sachs analyst David Costin said that although investors are still optimistic that companies will benefit from the application of artificial intelligence, the rise in U.S. stocks this year may be limited to the rest of 2024. There is stagnation.
Costin said that from now on, the S&P 500 will have essentially no returns this year.
He predicts that the S&P 500 will close at 5,200 points in 2024.
Costin said current stocks are expensive relative to historical levels, reflecting pricing in higher annual U.S. economic growth than the current level of about 3%.
He said. Growth stocks, in particular, are currently trading at extremely high premiums.
Costin warned that in some cases, the revenue growth of some of the perceived winners in artificial intelligence could be lower than currently expected, which poses a risk to the market.
Costin added that the U.S. economy is \”doing well.\” Unemployment is at historically low levels and \”inflation is moving in the right direction.\” But it\’s not fast enough for the Fed to cut interest rates at this time.
Goldman Sachs analyst: U.S. stocks will have no returns for the rest of the year
Gelonghui, May 13 | Goldman Sachs analyst David Costin said that although investors remain optimistic that companies will benefit from the application of artificial intelligence, the rise in U.S. stocks this year may be limited to the rest of 2024. stagnant
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May 13, 2024 4:13 pm