Barry Bannister of Stifel, Nicolaus & Co. predicts that the S&P 500 index is expected to climb another 10% before changing course next year and falling to early 2024 levels. The strategist said in a report on Tuesday that despite the market's optimistic outlook on the US economy and the Fed's interest rate cuts, the benchmark index, which has risen nearly 40% since October last year, has risen too high. He said that analysis of the century-long market frenzy suggests that the S&P 500 index may rise to around 6400 points and then fall back to around 4700 points by 2025, a 26% drop from the expected peak to the level at the beginning of this year. He is one of the few people who predicted the US stock market trend in the first half of 2023, but his bearish prediction has not been realized since then.