A Fragile, Foggy Bottom

The big things you need to know:

• First, our 12-month S&P 500 price target remains 7,750, and we assume the index has put in a fragile, foggy bottom.
• Second, we run through our thoughts on what we’re hoping to learn more about in the upcoming reporting season.
• Third, other things that jump out include how 2026 EPS growth forecasts for most sectors have been frozen since the start of the war, and the decline in consumer expectations for stock market performance over the next 12 months.