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UBS remains optimistic about the US stock markets, projecting the S&P 500 to reach 6,300 points by mid-2025 and 6,600 points by year-end, supported by declining inflation, anticipated interest rate cuts, and robust earnings growth. Analyst David Lefkowitz highlights a healthy labor market and investments in technologies like AI as key factors for sustained consumer spending and economic stability, despite potential uncertainties. With expected earnings growth of 11% in 2024, the outlook for US equities remains constructive.
UBS analyst David Lefkowitz maintains a positive outlook for U.S. equities, citing reasonable valuations amid improving inflation, anticipated Federal Reserve rate cuts, and strong earnings growth. The firm projects the S&P 500 to reach 6,300 by mid-2025 and 6,600 by year-end, supported by a healthy labor market and robust consumer spending. Despite some uncertainties, UBS believes a soft landing for the U.S. economy is achievable, with further growth in earnings expected.
CIO maintains that crypto assets are speculative trades, highlighting Bitcoin's volatility and correlation with global equities. While the crypto market rallies, the focus remains on equities, particularly in tech and AI, supported by solid US economic growth and favorable macro conditions. The expectation is for continued earnings growth and a positive outlook for sectors like utilities and financials.
Spot gold prices dropped over 2% due to a stronger US dollar and uncertainty surrounding the Federal Reserve's rate outlook. The DXY dollar index reached its highest level since July, while expectations for a December rate cut diminished. Despite this sell-off, fundamentals remain supportive for gold, with a target of USD 2,900/oz by September 2025, suggesting investors should consider buying on dips toward USD 2,600/oz.
Investor sentiment has weakened amid rising Treasury yields, with the S&P 500 experiencing its longest losing streak since early September. Despite this, corporate earnings remain solid, with expectations for 5-7% growth in Q3 and an overall 11% increase for 2024, supported by resilient economic conditions. The Federal Reserve is anticipated to implement further rate cuts, aiming to sustain growth as inflation declines, while market volatility is expected to persist leading up to the US presidential election.
UBS Bank has raised its stock price target for Uber to $114, citing strong momentum in the rideshare and food delivery sectors, which have seen a 15% increase over the past three months. The firm believes that factors like potential Fed interest rate cuts and Uber's expansion strategies will drive further growth, positioning the company as a key consumer-facing demand provider. Analysts suggest that Uber is in a "buy now" phase, with positive revisions for 2024 and 2025 estimates.
David Lefkowitz
People
22:44 22.11.2024
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United States Dollar
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