UBS sees the U.S. stock market scaling to new heights in the new year.
Strategist Jonathan Golub raised his 2025 S & P 500 target to 6,400 from 6,000 in a note to clients released Tuesday. The new forecast implies upside of 9.2% from Monday's close. Golub pointed to a "supportive" economic backdrop as a catalyst for the change. "UBS economists forecast 3.7% nominal GDP in 2025 , roughly in line with long-term averages," he said.
" A basis point is 1/100th of a percent . The CME Group's FedWatch tool shows traders of 30-day fed funds futures contracts see an 88% chance of a quarter percentage point rate cut in November, followed by an additional 25 basis-point reduction in December. The Fed lowered its benchmark fed funds rates a half a point, to a range of 4.75% to 5.0%, in September. To be sure, Golub doesn't see the stock market making further gains the rest of this year.
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