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AI-related stocks such as Google, Microsoft, and Nvidia lead the S&P 500

AI-related stocks such as Google, Microsoft, and Nvidia lead the S&P 500


Photo: Andrew Brooks (Getty Images)

Goldman Sachs raised its year-end target for the S&P 500 to 5,600 from 5,200, and the investment firm sees the index potentially rising to 6,300.

The upbeat expectations were fueled by slower-than-average earnings downward revisions and higher fair-value price-to-earnings multiples, a team of strategists led by David Kostin wrote in a client note last Friday.

So far this year, the index is up 15%, with just five stocks accounting for the vast majority of that gain, 60%, according to a research note. Together, those five stocks have surged 45% and now make up a quarter of the S&P 500's market capitalization.

All five companies are in the technology sector and are forecasting 84% growth in earnings per share in the first quarter of 2024 from a year ago, well above the 5% increase for the broader S&P 500 index. Analysts raised their earnings forecasts for these stocks by 38% while lowering estimates for the other 495 stocks in the index by 5%, the report said. And the stocks are soaring in value as investors continue to focus on the potential of artificial intelligence.

Click to see which companies are driving S&P 500 earnings so far this year.




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