RBC raises 2024 S&P 500 target despite the pullback to start the year

RBC Capital Markets isn't giving up on the market after the slow start to the year. Lori Calvasina, the bank's head of U.S. equity strategy, raised her year-end S & P 500 price target to 5,150 from 5,000. This is approximately 9.6% higher than the S & P 500's Friday closing level of 4,697.24. Last week, the S & P 500 snapped a nine-week winning streak as investors began pulling back on the technology titans. The yield on the benchmark U.S. 10-year Treasury also traded above 4% last week, further placing downward pressure on the equity market. On Monday, it dipped back below the key level. .SPX YTD mountain SPX in early 2024…