Oppenheimer Boosts S&P 500 Target Amid Easing Trade Tensions

Oppenheimer Asset Management elevated its year-end target for the S&P 500 to 7,100, making it the highest estimate among major Wall Street firms. This optimistic projection, announced on Monday, reflects confidence in easing trade tensions and strong corporate earnings driving market performance.

Strategists, led by John Stoltzfus, highlighted the resolution of key trade deals, including those with Japan and the European Union, as critical factors in reducing 'tariff hurdles.' These agreements include a 15% tariff on most European goods, while the EU has committed to significant investments in the U.S.

The S&P 500 has shown a remarkable recovery, climbing 28.2% since April, spurred by strong performance in cyclical sectors. Oppenheimer, confident in U.S. equities, anticipates further gains as inflation moderates and interest rates remain steady.

(With inputs from agencies.)