From Yahoo Finance: 2025-04-07 10:03:00

Wall Street research firms BofA Global Research and Oppenheimer Asset Management cut year-end S&P 500 targets below 6,000 due to global trade war risks. Oppenheimer lowered to 5,950 from 7,100, while BofA dropped to 5,600 from 6,666, one of the lowest on Wall Street. Index down over 20% from all-time high.

Investors flock to safe-haven assets as global stock markets tumble over recession fears from Trump’s tariffs. Oppenheimer’s chief investment strategist, John Stoltzfus, believes the market is oversold, expressing uncertainty. S&P 500 index closed at 5,074.08 on Friday, with Oppenheimer reducing EPS estimate to $265.

Oppenheimer maintains “overweight” stance on U.S. equities despite lowering index target and earnings projection. Stoltzfus emphasizes the need to set reasonable expectations for stock price recovery based on uncertainty levels, not signaling a bearish outlook on equities. Market remains volatile amidst trade war tensions.

Read more: BofA, Oppenheimer latest on Wall St to slash S&P 500’s annual target