Goldman Sachs boosted its year-end S&P 500 price target to 5,600, while Evercore ISI raised its target to a street-high 6,000.
REUTERS/Dario Cantatore/NYSE Euronext
US stocks edged lower Monday morning as traders took a moment to catch their breath after stocks set a series of records last week.
The S&P 500 and the Nasdaq set four straight record highs last week and closed higher for the seventh week of the last eight. Traders on Monday hit pause after the rally, assessing some new outlooks from big Wall Street firms.
Goldman Sachs strategist David Kostin boosted his year-end S&P 500 price target to 5,600, representing potential upside of about 3% from current levels.
Kostin had previously had a 5,200 year-end price target for the S&P 500. The strategist said continued earnings growth from mega-cap tech stocks could boost the index to his new target.
Meawnwhile, Evercore ISI boosted its S&P 500 year-end price target to a street-high 6,000. The firm said continued AI hype should drive stocks higher for the next two years, adding that the S&P 500 could tag 7,000 by the end of 2025.
Meanwhile, Federal Reserve President Neel Kashkari made fresh comments to CBS over the weekend, in which he said it is a "reasonable prediction" that the Fed will cut interest rates one time this year at its December meeting.
"We're in a very good position right now to take our time, get more inflation data, get more data on the economy, on the labor market, before we have to make any decisions," Kashkari said.
Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Monday:
Here's what else is going on today:
In commodities, bonds, and crypto: