Wall Street's Bullish Outlook for S&P 500 Dims as Geopolitical Risk Increases

Oppenheimer's chief investment strategist, John Stoltzfus, has lowered his price target for the S&P 500 from 4,900 to 4,400, citing rising yields and increased geopolitical concerns. Stoltzfus believes that the recent downturn in stocks reflects a market tantrum by highly leveraged players adjusting to the end of free money orchestrated by the Fed. However, he sees valuations nearing attractive levels and views the strong economy as a tailwind for equities. Other analysts, such as Truist co-CIO Keith Lerner, also see the recent pullback as an opportunity to add for investors underweight equities.