A year ago, a price target of 7,700 for the S&P 500 by the end of 2026 would have sounded aggressive to most strategists. By May, the index had already rallied 8% for the year, and the analyst behind that target found himself in an unusual position: his own forecast was starting to look conservative.

The S&P 500 has climbed to near-record highs despite growing concerns about valuations, AI spending, and signs of speculative behavior across parts of the market.

The week of June 8 handed global markets a sharp reminder of how quickly sentiment can shift. Goldman Sachs removed its 2026 Fed rate cut calls. The Nasdaq fell 5% on the May jobs report.