Stock investors must ‘go against the grain’ in 2024 ‘trader’s market,’ Wells Fargo says

Wells Fargo & Co. isn’t joining in the bullish Wall Street chorus calling for the S&P 500 to end next year at 5,000 or above, warning instead that investors should be ready to “go against the grain” as the new year gets under way.

In a Monday note, Christopher Harvey, head of equity strategy, and analyst Gary Liebowitz said the bank looks for the S&P 500 SPX to end 2024 at 4,625 — roughly 75 basis points above Monday’s close, a gain of just 1.6%.

They…