00:00 Speaker A

The S&P 500 will shut out the 12 months at a brand new report excessive. That is in keeping with Wall Road’s largest bull. It is John Stoltzfus of Oppenheimer. He is boosting his year-end goal for the benchmark index to 7,100 citing progress on commerce negotiations eradicating lingering uncertainty for traders, becoming a member of us now the person behind that decision, John Stoltzfus, Oppenheimer Chief market strategist. John, it is nice to see you.

00:24 John Stoltzfus

Oh, it is actually nice to be on the present.

00:29 John Stoltzfus

It is all the time nice to be working with you.

00:31 Speaker A

Oh, I respect that. So, so inform me what was behind this variation right here? It looks as if it was actually pushed by what looks as if the, you realize, avoidance of that worst case commerce situation.

00:44 John Stoltzfus

Sure, certainly, that was it as a result of we got here into this 12 months with the 7,100 goal. Uh we maintained that uh via uh via the start of the decline in February nineteenth. It began on February nineteenth, had been a peak, market was shifting decrease, market corrected. We held on to that, however when the tariffs on April 2nd got here out, exceptionally excessive, past actually past our expectations and most of the people on the road. We thought the tariff threat is nice. We reduce our goal to 5950, wanting nonetheless from the place the market had fallen to by ultimately by April eighth, about 17% upside, I feel, possibly even 20% upside for that time. And we have seen it. So we thought at this level, deliver again 7,100. Fundamentals are enhancing. Have a look at the GDP print at the moment. It ain’t excellent, nevertheless it’s actually lots higher than the crew that was pondering we had been going right into a recession was pondering. Uh and along with that, you have received earnings expectations not solely assembly however past expectations one other quarter up to now. Uh and all in all, you realize, the patron nonetheless buying and it is actually we’ll need to see what the Fed does this week and take a look at the roles numbers. However general, uh as Larry David would say, fairly, fairly, fairly good.

02:44 Speaker A

Yeah.