The S&P 500 is poised for solid gains next year on strong earnings growth and a broadening of the stock market's rally, strategists at Citigroup said on Friday. The index has gained nearly 20% in 2023, led by megacap tech and growth stocks, but "a broadening beyond 2023’s Growth leadership is necessary for further S&P 500 gains," the strategists said. "All told, we are positive on U.S. equities premised on improving earnings growth, even as recession risk lingers," the Citi strategists said in their report, projecting S&P 500 earnings per share to rise 10.4% in 2024.
Luxury furniture retailer RH (NYSE:RH) missed analysts' expectations in Q3 FY2023, with revenue down 13.6% year on year to $751.2 million. The company's full-year revenue guidance of $3.07 billion at the midpoint came in slightly below analysts' estimates. It made a non-GAAP loss of $0.42 per share, down from its profit of $5.67 per share in the same quarter last year.
Flat-fee real estate brokerage Fathom Realty will raise its agent fees in 2024 to bolster the company’s revenue by more than $3 million.
