As major market (^DJI, ^IXIC, ^GSPC) events like the US presidential election and the jobs report approach, Freedom Capital Markets Chief Global Strategist Jay Woods shares his outlook on markets for the rest of 2024 on Wealth!

Woods is optimistic, stating, "I think the set-ups are there with the Fed [Federal Reserve] easing cycle. It takes a little while to get us going and come November, December this is the strongest quarter of the year." He notes that the September uptick has historically led to year-end upside, and the election year is adding more bullish sentiment.

Regarding the upcoming jobs report, Woods expects an "overreaction" in markets, with unemployment figures being "scrutinized more than ever before." He believes this will influence the Fed's decisions on further rate cuts, saying, "That's the one thing traders are focused on the most."

Despite potential short-term jitters from headlines, Woods remains positive about overall economic trends. He highlights a "rotational trade" with seven new sectors breaking out: "You mention materials just broke out, industrials looking fantastic, discretionary phenomenal, communications. So, to me the set-ups are there."

Woods is particularly bullish on the S&P 500 (^GSPC), predicting it will surpass the 6000 level by year-end.

For more expert insight and the latest market action, click here to watch this full episode of Wealth!

This post was written by Angel Smith