S&P500 hits new record high!

• S&P has reached a new milestone!
   
• S&P500 gained 68% since October 2022 low
   
• Nvidia saw a staggering 1,000%+ return (since October 2022)
   
• Goldman Sachs predicts S&P 500 to hit 6,000
   
• Overall market outlook remains positive despite dips

The US stock market marked a significant milestone on Monday, as the S&P 500 reached a new record high, capping off a remarkable two-year bull run.

The index rose by approximately ~0.8% to close at ~5,860, its third record in four trading sessions, fueled by optimism on the markets as the third-quarter earnings season begins.

The S&P 500 has experienced a substantial 68% gain since its low point on October 13, 2022, with a total return of over 70% when including reinvested dividends.

This remarkable recovery can be attributed to the resilience of corporate earnings growth, moderation of inflation, and the growing interest in stocks related to the artificial intelligence boom.

Notable performers during this period include AI chip architect Nvidia, which has seen a staggering 1,000%+ return.

The S&P 500 is now just ~2.3% shy of reaching 6,000, a milestone that could be achieved in the near future.

Strategists at Goldman Sachs predict the S&P 500 will continue to rise, reaching 6,000 by the end of 2024 and 6,300 by next October.

Despite some blue-chip stocks experiencing negative returns, the overall outlook remains positive.

Major companies to report this week:

• TSMC: date – 17/10/2024; 1-day implied move – (+/- 4.44%) (source: Bloomberg)
   
• NETFLIX: date – 17/10/2024; 1-day implied move – (+/- 7.17%) (source: Bloomberg)