Three big things you need to know:
First, we are lifting our YE 2024 S&P 500 price target to 5,700 from 5,300, which we would characterize as a nervous raise.
Second, we think the risks of a short-term pullback in the S&P 500 are growing, similar to what occurred in April.
Third, on positioning, we think it will be tough for the US equity market to see a sustainable leadership transition away from mega cap Growth until we are through the economic soft patch.