Veteran strategist Ed Yardeni slashes his S&P 500 year-end forecast to 7,900, citing valuation pressure from climbing bond yields and potential short-term economic headwinds.
Yardeni lowered his S&P 500 year-end target from 8,400 to 7,900, citing rising bond yields and downturn risks, indicating a bearish outlook for the index.
Wall Street bull Ed Yardeni has lowered his S&P 500 year-end target from 8,400 to 7,900, citing the impact of rising bond yields on equity valuations. While maintaining a long-term optimistic outlook for the economy, the strategist warns of increased downturn risks over the next three to six months.
Yardeni cited the recent backup in bond yields as the primary driver, which necessitated a reduction in his forward P/E multiple estimate for the index.