Revising back up our forecast for the S&P 500

Despite the latest setback in the S&P 500, we are revising back up our end-2025 forecast for the index in response to the de-escalation of the trade war albeit to a lower level of 6,250 than the projection of 7,000 we had before “Liberation Day”. We are also upgrading our end-2026 forecast for it, from 6,000 to 7,000.

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