Overview

• The S&P 500 closed at a record on Wednesday, boosted by AI enthusiasm tied to Oracle’s guidance and rising odds of rate cuts.
• Deutsche Bank raised its year-end target to 7,000 from 6,550 after increasing 2025 EPS estimates for index constituents.
• Barclays lifted its 2025 target to 6,450 from 6,050 and set a 2026 target of 7,000, highlighting emerging labor-market risks.
• Barclays said it expects three Federal Reserve rate cuts this year to guide the economy toward a manageable deceleration.
• Deutsche Bank projected earnings growth of more than 9.5% in 2025 and nearly 14% in 2026, and said tariff impacts so far appear manageable.