The S&P 500 has closed at a new record high in 25.9% of the trading session so far in 2024

US stocks surged to fresh all-time highs on Monday, with the S&P 500 (^GSPC) recording its 30th record close of the year. Wall Street is buzzing with speculation about whether the bull rally that has dominated 2024 still has room to continue.

The S&P 500 climbed nearly 0.8%, while the tech-heavy Nasdaq Composite (^IXIC) rose almost 1%, marking its sixth consecutive record close. The Dow Jones Industrial Average (^DJI) also gained 0.5%.

Stocks have been propelled higher by a tech-driven rally, prompting Wall Street to revise its year-end targets for the S&P 500. Evercore ISI increased its year-end price target to 6,000, while Goldman Sachs raised its target to 5,600. The benchmark index surpassed the 5,400 level for the first time last week and closed Monday at 5,473.

With last week's double dose of inflation reports and the Federal Reserve meeting behind us, there are fewer catalysts expected to influence the markets this week. The highlight will be Wednesday's retail sales report, which will provide insight into the health of the US consumer.

Regarding interest rates, Federal Reserve Bank of Philadelphia President Patrick Harker recently hinted at the possibility of one rate cut in 2024.

“If we start to see several months of data moving in the right direction, I could see taking action. But I’m not there right now,” Harker said at an event in Philadelphia.

Similarly, Minneapolis Fed President Neel Kashkari suggested on Sunday that a December rate cut could be the Fed's only move this year.

Investors are currently pricing in around a two-thirds chance that the central bank will begin its cuts by September, according to the CME FedWatch tool.