Stocks Face Meager Upside After 2024 Gains, Survey Shows
Gold is expected to advance, Treasury yields to fall
Visitors at the "Charging Bull" statue near the New York Stock Exchange (NYSE) in New York, US, on Thursday, May 16, 2024.
Photographer: Alex Kent/BloombergThe S&P 500 Index has likely logged most of the gains it will see this year as investors are growing increasingly nervous about the stock market’s rich valuations, according to the latest Bloomberg Markets Live Pulse survey.
The 2024 rally, which has driven the US equity benchmark to 31 record closing highs, has left the asset class more overpriced than US credit or gold, a majority of the 586 respondents said. After soaring roughly 50% since October 2022, driven by technology shares, the bull market has delivered a greater advance than the median of its predecessors going back to 1957.