The S&P 500 is headed for a new all-time high in 2024 as the Fed pivots and stocks enter a Goldilocks no-recession scenario, JPMorgan wealth strategist says

• The S&P 500 is set to notch a new all-time high by mid-2024, according to a JPMorgan strategist.
• That's as the Federal Reserve is likely done with rate hikes, AJ Oden told CNBC.
• A new S&P 500 record implies at least a 12% increase from current levels.

The S&P 500 is set to notch a new record next year, as the Federal Reserve is likely done hiking interest rates, according to JPMorgan Wealth Management global investment strategist AJ Oden. 

He said the bank's strategists were expecting the S&P 500 to touch a new high in mid-2024. That implies at least a 12% rally from current levels to top the current all-time record of 4,796 from January 2022.

That's largely because JPMorgan expects the Fed to soon pivot to rate cuts, which is a bullish factor for stocks.