August jobs data will determine size of Fed rate cuts: Evercore

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Citi sticks to 5600 year-end S&P 500 target as earnings wind down

August 19, 2024 7:43 AM EDT

Citi analysts have reaffirmed their bullish outlook for the S&P 500, maintaining a year-end target of 5600 despite some moderation in growth expectations for the second half of the year.

This optimism follows a better-than-expected earnings season in Q2, where S&P 500 earnings grew by 10.5% year-over-year, surpassing the anticipated 8.1% growth.

According to Citi, the "Mag 7" group of tech giants, which includes companies like Apple and Microsoft, played a significant role... More