After a bruising spring that saw the stock market tumble under the weight of sweeping tariffs, stocks have mounted an impressive comeback. Since hitting a low on April 8, the S&P 500 has surged 17%, lifted by a temporary U.S.-China tariff truce and a powerful rally in mega-cap tech stocks, which have helped restore investor confidence.
However, underlying risks remain. Elevated Treasury yields, concerns over the U.S. fiscal deficit, and the potential for renewed trade tensions could pose challenges to the sustainability of this rally.
Even so, Wells Fargo strategist Christopher Harvey is urging investors to stay the course. A consistent bull, Harvey hasn’t wavered on his bold outlook – he’s still targeting the S&P 500 at 7,007, a move that would add another 20% to today’s gains. “We felt [2H25] was always going to be much better,” Harvey said, referring to…
