What does the remainder of 2024 have in store for the S&P500 Index?

Citigroup has this week lifted their S&P 500 year-end ’2024 target to 5600 Inherent in these targets is an assessment of three influences: NVDA, other Mag 7 stocks, and the remainder of the index.

Amazingly, the +14.6% ytd index return can be broken into three components: NVDA (4.1%), remainder of Mag 7 (5.1%), and the “other 493” (5.4%).