Wells Fargo Raises S&P 500 Target Level for Next Year Amid Economic Strength, Policy Changes

MT Newswires02:51

stocks market trading wall street equity -Shutterstock The S&P 500 index level and its companies' earnings are poised to get a boost next year amid stronger-than-projected US economic growth and ...

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Wells Fargo Investment lifted its S&P 500 per-share earnings view to $275 from $270.US economic growth rate, as measured by gross domestic product, for next year is now pegged at 2.5%, up from the firm's prior outlook of 2.3%, while consumer inflation is seen increasing 3.3% versus a 3% prior growth rate. The unemployment rate is still seen at 4.8%, according to the report.\"We anticipate a significant infusion of new cash from strong equity market performance and the US Treasury, as well as gradual deregulation,\" Wells Fargo Investment said. 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Wells Fargo Investment lifted its S&P 500 per-share earnings view to $275 from $270.\n\n The index was down 0.5% at 5,885.3 after midday Wednesday, but has jumped 23% so far this year. The S&P 500 closed above 6,000 for the first time earlier this month.\n\n \"Earnings growth should find extra support from reduced regulation,\" Wells Fargo Investment said in a Wednesday note to clients, noting that although a corporate tax cut remains a possibility, the extent and timing are uncertain. \"An emphasis on tariffs and US-produced goods should benefit those US companies whose business is mostly domestic,\" the firm wrote.\n\n US economic growth rate, as measured by gross domestic product, for next year is now pegged at 2.5%, up from the firm's prior outlook of 2.3%, while consumer inflation is seen increasing 3.3% versus a 3% prior growth rate. The unemployment rate is still seen at 4.8%, according to the report. \n\n \"We anticipate a significant infusion of new cash from strong equity market performance and the US Treasury, as well as gradual deregulation,\" Wells Fargo Investment said. The upgraded inflation outlook factors in expectations for a stronger economy, as well as expected new immigration and tariffs policies, according to the report.\n\n \"We anticipate that labor market disruptions caused by an immediate border closing and deportations over the course of 2025 will boost wage pressures by the latter part of next year,\" the firm said. \"Further inflation pressures should follow if, as we expect, the new (Donald Trump) administration applies new tariffs on China.\"\n\n Wells Fargo Investment expects the Federal Reserve's monetary policy easing cycle to slow next year. It raised its 2025 federal funds rate target range to between 4% and 4.25% from the previously projected 3.50%-to-3.75% range. \n\n Earlier this month, the central bank's Federal Open Market Committee reduced its benchmark lending rate by 25 basis points to a range of 4.50% to 4.75%, following a 50-basis-point cut in September.\n\n \"We look for the Fed to proceed cautiously in 2025, assessing the timing and magnitude of President-elect Trump's economic proposals, including the impact on inflation, labor markets, and overall economic growth, particularly from the tariffs that we expect,\" Wells Fargo Investment said Wednesday. \n\n Wells Fargo Investment is a unit of a bank affiliate of Wells Fargo (WFC).","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"Economic Data","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2485213071"}