We forecast an acceleration in earnings growth in 2024 after the earnings slowdown in 2023. At the same time, we do not expect valuation multiples to move higher given their already generous levels. Overall, this suggests a modestly positive scenario over the next 12 months, though it will likely be accompanied by volatility. 

For the S&P 500 Index, we set our June 2024 target at 4,700, offering a return outlook of approximately 7% from today.