The stock market has peaked and will trade flat for the rest of 2024, Goldman equity chief says

A stock trader at work at the New York Stock Exchange on February 24, 2020.Johannes Eiselle/Getty Images

  • Goldman Sachs chief US equity strategist David Kostin says the S&P 500 could trade flat for the rest of the year.

  • He told Bloomberg TV that the index has already reached Goldman’s year-end target of 5,200.

  • The firm’s indicators are not signaling much more upside from current levels, although rate cuts could change that.

The stock market rally has run its course for 2024, as the S&P 500 now stands above Goldman Sachs’ year-end prediction, the firm’s chief US equity strategist David Kostin said.

In an interview with Bloomberg TV, he said that there is no economic, valuation, or earnings argument for futher upside, and noted that money-flow models also show further gains will be capped. The S&P 500 surpassed Goldman’s year-end target of 5,200 earlier this month.

That roughly suggests “a…

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