S&P 500 Hits New 2023 Closing High as Stocks Rise for 5th Straight Week

The S&P 500 closed at a new high, with Bank of America predicting it could reach 5,000 by the end of 2024 due to reduced macro uncertainty and the Federal Reserve's efforts to control inflation. Deutsche Bank maintained a buy rating for NIO Inc. but lowered its price target, while the Nasdaq Composite saw gains from PDD Holdings, Workday, Crowdstrike, Palo Alto Networks, and Lululemon Athletica. Manufacturing data showed a slowdown, raising concerns about an economic slowdown in 2024. Oil prices fell due to skepticism over OPEC+ production cuts, and 24 S&P 500 stocks hit new all-time highs. Wendy's stock rose on news of potential activist activity, and Altimmune shares surged on positive obesity drug trial data. The Dow outperformed this week, led by Salesforce, Boeing, and American Express. Federal Reserve Chairman Jerome Powell stated that rate cuts are premature and more hikes could come. Morgan Stanley warned of earnings headwinds, and stock futures opened slightly lower.