We don’t think growing enthusiasm about AI will be enough to stop the S&P 500 from declining if, as we expect, the US economy falls into recession later this year. Nonetheless, we now think the index will end this year a bit higher than we’d previously projected, partly thanks to AI-related gains that are already “baked in”, and expect it to have a much better year in 2024.
In view of the broader interest, we are sending this Global Markets Update to clients of our Asset Allocation Service.
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