J.P. Morgan equity strategists on Wednesday issued a dour outlook for U.S. stocks for the year ahead, pointing to weak expected earnings growth, expensive valuations and high geopolitical risks. Absent rapid easing of monetary policy by the Federal Reserve, "we expect a more challenging macro backdrop for stocks next year," J.P. Morgan's Dubravko Lakos-Bujas and his team said in an outlook report on Wednesday. The firm expects S&P 500 earnings growth of 2% to 3% in 2024 — a rate that's well below the consensus analyst estimate of 11.4% growth next year, according to LSEG data.
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