Bank of America predicts S&P 500 will reach 5,000 by end of 2024, a 10% increase from current levels. Shifts focus from 'Magnificent 7' to cyclicals, expects consumer-led growth, and interest rate cuts starting June 2024. Bank of America’s U.S. economist, Michael Gapen, anticipates a “soft landing” for the U.S. economy, with inflation descending towards the Federal Reserve’s 2% goal. Gapen projects a consumer-led economic drive, supported by the “strong balance sheet of US consumers.” This consumption strength is expected to persist, even with a softer growth outlook. . . #sp500 #bankofamerica