2024 U.S. Market Outlook: What a “Return to Normal” Means for Stocks

After four years of suffering from long-Covid, 2024 is lining up to be the year that the economy and individual behavior have finally recovered and normalized. The massive disruptions and dislocations caused by the pandemic are rapidly fading in the rearview mirror and we think it’s time for investors to get back to basics. While we forecast the rate of economic growth will slow and stocks have already rallied off their lows, we still see multiple undervalued areas that provide relatively large margins of safety. Join Morningstar’s Dave Sekera, CFA, Chief U.S. Market Strategist and Preston Caldwell, Chief U.S. Economist as they review why we expect the economy will dodge a recession and which areas in the market still offer upside opportunities. Learn why we view the U.S. equity market as undervalued, how we expect the U.S. economy will play out over the course of this year and next. We will: • Break down our valuations and identify undervalued opportunities across categories, sectors, and stocks. • Highlight investable long-term secular growth themes. • Provide our forecasts for real U.S. GDP, inflation, and interest rates. In our market outlook, we utilize a bottom-up perspective to determine market valuation. By leveraging off of the 1,500 companies covered by Morningstar's equity analysts, we identify which areas are undervalued versus which are overvalued. From growth stocks to value stocks and from small-cap to large-cap, we will identify where we see value today. Following the presentation, we take as many questions from the audience as time allows. Presented by: Dave Sekera, CFA, Chief U.S. Market Strategist, Morningstar Preston Caldwell, Chief U.S. Economist, Morningstar Moderated by Susan Dziubinski, Investment Specialist, Morningstar This webinar has been accepted by the CFP® Board for one continuing education (CE) credit for CFP® designations.