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U.S. stock markets experienced a notable rally, with the S&P 500 and Nasdaq achieving an eight-day winning streak. However, this momentum came to a halt as both indices snapped their streaks. Fundstrat's Tom Lee remains optimistic about small-cap stocks, predicting a potential 40% increase by the end of 2024, driven by expectations of Federal Reserve rate cuts. Despite the recent stall in the broader market rally, companies like Netflix and Eli Lilly reached new all-time highs. The Russell 2000 index, which tracks small-cap stocks, closed more than 1% lower, but Lee's bullish outlook suggests a target of $300 for the index by year-end. Analysts continue to debate the sustainability of the rally and the potential for new record highs in the market.
LISTEN NOW: Major averages moved higher in the final minutes of trade, sending the Dow higher for the month. Snowflake and Zoom report earnings; we have analysts on each to break down what you need to know. Listen and follow the @CNBCOvertime podcast here: https://t.co/PhvVUfPR0h https://t.co/o8JsvMsLuf
LISTEN NOW: Is there enough good news to keep stocks climbing toward new record highs? Hightower’s Stephanie Link, BMO’s Brian Belski and Thornburg’s Emily Leveille break down their forecasts. Listen and follow the @CNBCClosingBell podcast here: https://t.co/PhvVUfPR0h https://t.co/ljmo11s9mv
LISTEN NOW: The Dow could top 47,000 in the next 12-18 months, according to our strategist. He’s bullish in the long-term, but has three dividend darlings to weather the near-term volatility in the market. Listen to the @CNBCTheExchange podcast here: https://t.co/tsZvRrrBYa https://t.co/aMKg1DDNJ2