(Bloomberg) -- This year’s furious rally in US stocks is poised to extend into the final stretch of 2024, even as the US presidential election looms as a major wild card, according to the latest Bloomberg Markets Live Pulse survey.

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The S&P 500 Index will approach 6,000 by year-end — a record milestone 2.3% above Friday’s close — based on the median estimate from 411 questionnaire participants. Three quarters of respondents expect this earnings season to give the benchmark a boost, and the strength of Corporate America’s results are seen as more crucial for the stock market’s performance than who wins the November vote or even the Federal Reserve’s policy path.

US stocks face a big earnings hurdle this week, with roughly 20% of S&P 500 members scheduled to release results, including heavyweights Tesla Inc. and IBM Corp. About 70 companies in the gauge have reported already, with 76% announcing earnings that surpassed estimates, according to Bloomberg Intelligence data.

After Tesla, the other so-called Magnificent Seven members report starting later this month. Those technology behemoths — Apple Inc., Microsoft Corp., Alphabet Inc., Amazon.com Inc., Nvidia Corp. and Meta Platforms Inc. — have driven the brunt of the equities advance since last year. But they trailed last quarter as the Fed cut interest rates for the first time since 2020, supporting sectors like financials and utilities.

Survey takers anticipate the tech giants will take the lead again. A combined 75% expect the Magnificent Seven to either beat or perform in line with the rest of the market this quarter, after the group started October with a 0.9% decline. One reason investors remain bullish is that the bulk of the S&P 500’s earnings growth still comes from the Magnificent Seven.

“The catch-up in the Magnificent Seven after a lackluster quarter is a compelling trade to look at right now,” said Anastasia Amoroso, chief investment strategist at iCapital.

The median survey respondent sees the S&P 500 ending the year at 5,977, up from Friday’s close of about 5,865. That would extend the index’s 23% gain in 2024, which has taken it to 47 record closing highs, including two last week.

The historical median of S&P 500 returns from mid-October to Dec. 31 is roughly 5%, according to data from Goldman Sachs Group Inc.’s trading desk going back to 1928. It’s even higher in election years, at about 7%.