Much like other Wall Street strategists, Oppenheimer remains bullish on 2024, outlined in the firm's forecast for the S&P 500 (^GSPC) to reach a 5,200-point target by next year’s end.

Oppenheimer Asset Management Chief Investment Strategist John Stoltzfus, who is behind this 2024 projection, joins Yahoo Finance Live to discuss the market sectors expected to find growth in 2024 and where the Federal Reserve's interest rate policy may be inspiring opportunities for investors.

"It's not a robust economy, but a resilient economy evidenced by business and the consumer with jobs still remaining plentiful even as that jobs number comes down," Stoltzfus says, "And the likelihood that this will bode very well for revenues and earnings, not only for the S&P 500 but likely for other major indices, including mid-caps and even small caps."

For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.

This post was written by Luke Carberry Mogan.

Video Transcript

SEANA SMITH: Oppenheimer has one of the highest targets on the street for the S&P.

Their year-end S&P target for 2024 is 5,200.

We want to bring in John Stoltzfus, the man behind that call, Oppenheimer asset management chief investment strategist.

John, it's great to see you.

So let's talk about the bullish outlook that you have for 2024.

Why are you confident or what makes you so optimistic at this point that some of this momentum is going to carry into the new year?

JOHN STOLTZFUS: Well, first of all, thanks for having me on the show, Seana.

We're positive on this because we really feel that what we saw this year has been the re-establishment of fundamentals that justified the market moving higher, going back to levels that haven't been seen now since prior to the sell off that we saw last year.

And at this point, fundamentals likely to continue into next year remaining positive as the Fed remains vigilant against inflation, but also remains as it has been this whole Fed funds hike cycle except for when it raised rates at 75 bips four times in a row.

Essentially, what you have here is a Fed that has been very sensitive as to how its mandate affects the economy.

So we think that's what really carries this.

It's not a robust economy, but a resilient economy evidenced by business and the consumer with jobs still remaining plentiful even as that jobs number has come down and the likelihood that this will bode very well for revenues and earnings not only for the S&P 500, but likely for other major indices, including mid-caps and even small caps.