BMO’s chief investment strategist, Brian Belski, predicts a strong performance for the stock market in 2024, even in the face of a potential recession.

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“Unfortunately, bearish fear sells, and bulls are routinely doubted and panned. So, get ready for another year of analysis paralysis of US Federal Reserve policy, the impacts of the unflattening of the yield curve, unemployment drifting higher, and, of course, the ‘Chicken Little recession’ and its market impact that has been apparently just around the corner for the past few years and counting,” Belski said.

In deriving his 2024 S&P 500 target, the strategist applied a 20.4x multiple to earnings estimates of $250 per share. Belski’s advice to investors is to overweight the information technology and financial sectors, whilst steering clear of the energy, materials, and consumer staples sectors.

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