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US stocks jumped to fresh all-time highs on Monday with the S&P 500 (^GSPC) notching its 30th record close of the year as Wall Street wondered if the bull rally that has roared through 2024 has more room to run.
The S&P 500 rose nearly 0.8% while the tech-heavy Nasdaq Composite rose almost 1% to notch its 6th consecutive record close. The Dow Jones Industrial Average (^DJI) gained 0.5%.
Stocks have continued ripping higher as a tech-fueled rally has led Wall Street to revise its year-ahead targets for the S&P 500. Evercore ISI boosted its year-end price target to 6,000, while Goldman Sachs upped its target to 5,600. The benchmark index topped the 5,400 level for the first time last week.
With last week’s double dose of inflation reports and the Federal Reserve meeting behind markets, fewer catalysts are set to greet investors this week. The highlight will be Wednesday’s retail sales report, which provides a glimpse into the health of the US consumer.
On Monday, Federal Reserve Bank of Philadelphia President Patrick Harker hinted at one rate cut in 2024.
“If we start to see several months of where we’re seeing data move in the right direction, I could see taking action. But I’m not there right now,” said Harker at an event in Philadelphia.
Likewise, Minneapolis Fed president Neel Kashkari on Sunday hinted that a December rate cut could be the Fed’s only move this year.
Investors are pricing in around a two-thirds chance that the central bank begins its cuts by September, according to the CME FedWatch tool.
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