00:00 Julie
Zooming out and looking at stocks overall. Obviously, big cap tech has been a large, really the large power behind the rally that we've been seeing. And we are coming down from those highs a little bit this morning, Brooke, even as still more people are getting bullish.
00:27 Brooke
That's right, Julie. We saw one of the biggest week for inflows since December. That's according to Bank of America last week after the S&P 500 and the Dow hit a record high at Friday's close. Now, we're seeing a bit of pullback in early innings this morning, but yet we are see hearing some more bullish calls on the street including Goldman Sachs. That firm raised their S&P year-end target to 6800. That's up from a previous target of 6600. Now, the firm there cited uh the Federal Reserve expected to cut interest rates. They're pricing in two more quarter point cuts coming this year. They also cited strong expectations when it comes to corporate earnings. Of course, we've seen major swings when companies beat Wall Street's expectations, especially over the summer and they are waiting to see that momentum continue. It's worth noting that right now the S&P 500 is sitting around 66 64 and so we definitely this would be an increase to year end. It's also worth noting that they really do join a a multitude of other firms that we've seen raise their year-end price targets as of late. That includes Wells Fargo's, Barkley's, Deutsche Bank, which all have raised their price targets as of late for the S&P 500. They also citing resilient earnings, that AI investment cycle as you had noted and also the expectation that the Fed will continue to ease in these coming meetings. And this is really a step back, a stark difference from what we heard back in April around that liberation day when Trump enacted those tariffs. We saw many firms cut their year end S&P target, but now as we see this momentum continue within the market, we are seeing that return to higher year-end targets across multiple firms.
