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The latest bullish call comes from UBS Global Wealth Management, who revised their year-end target for the S&P 500 to 7,900. The brokerage firm previously forecast the US benchmark index to close out the year at 7,500.In their latest note, they mentioned that US equities have remained resilient despite the negative headwinds from the Middle East conflict. That comes as the market is driven up by hopes of an end to the war, strong Q1 earnings, and continued AI momentum.As such, they view that Wall Street will continue to tear it up in the second-half of the year and close things out with another 6% gain from current levels.Adding to that call, Morgan Stanley is also one to turn more bullish in their outlook on US stocks earlier this week. The firm is now expecting the S&P 500 to hit 8,300 over the next 12 months, as stronger earnings performance will continue to outweigh all the noise any negativity from everything else.They also lifted their year-end target for the US benchmark index to 8,000 (previously 7,800).The main driver for their improved outlook is the stellar performance by US companies in the latest earnings season. Morgan Stanley estimates that Q1 earnings in the S&P 500 is running about 27% higher, well above expectations of roughly 12% growth that analysts have predicted prior to the run in.As such, they argue that such resilience warrants staying constructive on US stocks. The firm sees stronger corporate profits will be able to shrug off geopolitical tensions, credit concerns, and also AI-related disruption – at least in this kind of market landscape.That being said, they are suggesting investors to look beyond big tech and focus more on industrials, financials and consumer discretionary stocks. However, that doesn’t mean that they are no longer bullish on big tech.The message from Morgan Stanley is that the equities rally is broadening with the upside potential no longer just limited to the small circle of big tech names.
This article was written by Justin Low at investinglive.com.
💡 DMK Insight
UBS just raised their S&P 500 target to 7,900, and here’s why that matters: This revision signals a growing confidence in US equities, especially as they’ve shown resilience amid economic uncertainties. Traders should note that a target increase like this can lead to bullish sentiment, potentially driving more inflows into the market. If the S&P 500 approaches this new target, it could trigger stop-loss orders and further buying from momentum traders. Keep an eye on the 4,000 level as a psychological barrier; a breakout above could confirm this bullish outlook. However, it’s worth questioning whether this optimism is sustainable. Economic indicators like inflation rates and employment data could shift sentiment quickly. If the market reacts negatively to upcoming economic reports, we might see a pullback. Watch for volatility in related assets like the Nasdaq and Dow, as they often move in tandem with the S&P 500. The next few weeks will be crucial, especially with earnings season around the corner, which could either validate or undermine UBS’s bullish stance.
📮 Takeaway
Monitor the S&P 500 closely around the 4,000 level; a breakout could confirm UBS’s bullish target of 7,900.
