UBS pushes out S&P 500 mid-2024 target forecast to year-end

The brokerage, in a note dated Oct. 13, said it now expects the benchmark index to hit 4,500 points by mid-2024, which implies an increase of about 4% from current levels. "The delay … is primarily related to the recent rapid move higher in interest rates and … expectations that interest rates will remain higher for longer," said David Lefkowitz, head of chief investment office, U.S. equities, UBS. The Federal Reserve has raised the benchmark interest rate by 525 basis points since it started its aggressive battle against inflation in March last year.