Wall Street Bull Turns Cautious: Ed Yardeni Cuts S&P 500 Target As Trump's Tariffs Threat Stagflation

Ed Yardeni, one of the most bullish voices on the Street, has slashed his year-end price target, citing the mounting risks from President Donald Trump's tariff policies, which are no longer mere negotiating tactics but outright trade barriers.

In a note shared Thursday, Yardeni lowered his S&P 500 best-case target from 7,000 to 6,400 for the end of 2025 and from 8,000 to 7,200 for the end of 2026. In his worst-case scenario, the index, tracked by the SPDR S&P 500 ETF (NYSE:SPY), could drop to 5,800 by the end of 2025 and 6,500 by the end of 2026.

From Market Cheerleader To Cautious Observer

At the start of the year, Yardeni was among Wall Street's most optimistic analysts, projecting an 18% surge in the S&P 500 to 7,000 by December 2025—an outlook that aligned with Wells Fargo and Deutsche Bank. Oppenheimer Asset Management was even more aggressive, with a 7,100 target. ...