S&P 500 Could Build On 2023's 24% Gain: Analyst Shares Key Data Supporting Continued Broader Market Performance

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S&P 500 Could Build On 2023's 24% Gain: Analyst Shares Key Data Supporting Continued Broader Market Performance

Benzinga01-02

ZINGER KEY POINTSMore than 10% move in the Russell 2000 Index, an index of small-cap stocks, hasn't historically been bearish events, says Carson Group analyst.He sees a probability of 15%+ gains for ...

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·01-02
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An analyst sees small-cap stocks’ strong performances as a harbinger of good times for the market.What Happened: Tapping into history, Carson Group’s Ryan Detrick said that moves of more than 10% in the Russell 2000 Index, an index of small-cap stocks, are not historically bearish. The R2K Index added 12.05% during December, taking the gain for the year to 15.1%.The index has made more than 10% gains in December 19 other times, Detrick said. Following such strength in December, the S&P 500 Index’s performance six months later was positive 90% of the time, he said.A year later, the index was higher 14 out of the 19 times and the average gain was 15.8%, he added.Why It’s Important: The S&P 500, a measure of broader market outperformance, ended 2023 with a gain of 24.23%. Looking ahead, analysts are wary about rich valuations tempering market optimism. Most are of the view the mega-cap tech rally that fueled much of the market upside in 2023 could temper, leaving the burden of supporting the market on the smid-caps.In his tech predictions for 2024, Deepwater Asset Management’s Gene Munster said the iShares Russell 2000 Growth ETF will outperform the SPDR S&P 500 ETF Trust, with sub-$20 billion tech companies likely outperforming large-cap companies.The upward market momentum hinges on the Federal Reserve beginning to reverse its rate hikes and the economy averting a hard landing.","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[{"id":258580543095056,"gmtCreate":1704163917311,"gmtModify":1704163921681,"author":{"id":"3577490230864593","authorId":"3577490230864593","name":"Longmanlee","avatar":"https://static.tigerbbs.com/666e2e5ae6ccc9d73e7d020e8b497df5","vip":1,"hat":"https://static.tigerbbs.com/50a4c8d97279fa9f8f1fa9749a6bdff4","crmLevel":2,"crmLevelSwitch":1,"idStr":"3577490230864593","authorIdStr":"3577490230864593"},"htmlText":"Jokes of the week","listText":"Jokes of the week","text":"Jokes of the week","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/258580543095056","repostId":1176899689,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":5,"commentSize":1,"repostSize":1,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}