The VettaFi Market Outlook Symposium brought together industry thought leaders and experts to help investors position for 2024.
“We’ve got major market indicators touching on all-time highs,” VettaFi Vice Chair Tom Lydon said in the opening remarks. He continued to describe the “Goldilocks” scenario that was 2023, as the Fed seemingly navigated creating a high-rate environment without demolishing the economy.
VettaFi’s Head of Research set the stage with an early poll showing market bullishness among attendees and discussing VettaFi’s upcoming conference, Exchange.
Jeremy Siegel’s Headline Session on the Market Outlook
VettaFi Vice Chair Bob Huebscher interviewed Jeremy Siegel at the top of the symposium. Accordingly, Siegel shared his broad market outlook.
Looking at last year’s predictions, Siegel was on point with his predictions about the market. At the close of 2022, amid the bearishness, Siegel’s contrarian view won the day in 2023. He also correctly called inflation finally subsiding.
When asked about the fair value of the S&P 500, Siegel said, “Just last night, as we know, the Dow just surged to an all-time high. The S&P is going to follow very soon.” Sharing his 2024 view, he said, “I am bullish.”
Siegel sees value stocks and smaller stocks taking the baton in 2024, reversing 2023’s trend of large stocks leading the way. He predicted a 10-15% increase next year. Looking at rate cuts, Siegel said, “I think we may have five or six rate cuts.”