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Market Headlines 👀 

• Apple (AAPL) to pause all sales of its flagship watch in the US starting this week due to a patent dispute.

• US Steel (X) is being acquired by Japanese firm Nippon Steel for $14.1b.

• BP Plc (BP) announces it will immediately pause all tanker transits through the Red sea.

• Adobe (ADBE) announces they have mutually decided to terminate its merger with Figma due to regulatory scrutiny.

• Goldman Sachs (GS) increases its 2024 SPX target from its prior month forecast now at 5100 from 4700.

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S&P 500 Heatmap

Recap Around the Street 🧠

At the new highs makes for great deodorant paraphrasing the late great John Madden. Consensus eps growth for 2024 remains around 11-12% per Factset. With the S&P trading 20x fwd earnings, eps growth would likely need to do the heavy lifting to meet these heroic price targets.(Contributed by Benjamin Lavine, CIO at Freedom Investment Management (3D)).

Updated street estimates for SPX 2024 targets. A couple new 5000+ targets increased from prior:

Market Preview 🎞️

• Tuesday, December 19th: Building permits; Housing starts; FedEx earnings

• Wednesday, December 20th: MBA mortgage applications; Existing home sales; Consumer Board consumer confidence data

• Thursday, December 21st: Weekly jobless claims;Q3 Final GDP print; Philadelphia Fed business outlook; Nike earnings

• Friday, December 22nd: Personal income/spending (PCE); Durable goods; University of Michigan sentiment

• —> Podcast spotlight: Pounding the Table 👊 : listen now; where you will find in-depth analysis around these highlights, read company deep dives, and interviews with public CEO's!

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