Market Call

MARKET CALL: So Far, So Good For Our Rebalancing Call

Jan 18, 2026 5 min read

Last year, in the December 7 QT, we wrote: "It no longer makes much sense for us to continue recommending overweighting the Information Technology and Communication Services sectors in an S&P 500 portfolio .... The same can be said about overweighting the United States in the All Country World MSCI portfolio." It was time to rebalance, in our opinion, because the two sectors accounted for a remarkable

Ed Yardeni

MARKET CALL: Santa's Rally

Nov 29, 2025 3 min read paid

Santa's back. During the past week, the S&P 500 recovered most of what it lost the week before when it was knocked down hard by the plunge in bitcoin and by fears that the AI bubble-bursting story was true, just as the AI bubble storytellers have been warning. Here is the story we told in a QuickTakes on November 23: "Once their panic selling [of

Ed Yardeni

MARKET CALL: Time To Meditate

Nov 23, 2025 5 min read

The S&P 500 is back on a slower track than the fast track it was on since April 9 until the end of October. It no longer is outpacing its average year-to-date performance over the past 10 years (chart). In fact, it is up 12.3% ytd, matching the average year-end performance of the past 10 years. However, the S&P 500 did peak at a record-high

Ed Yardeni

MARKET CALL: The Federal Open Mouth Committee

Nov 15, 2025 4 min read

We are surprised that the financial markets were surprised by the hawkish tone of remarks from Fed officials this past week. Collectively, a few participants on the Federal Open Mouth Committee pushed back against market expectations for an imminent rate cut, stressing that inflation is not yet under control and that monetary policy must remain restrictive. In prepared comments during his October 29 presser, Fed Chair Jerome Powell stated, "

Ed Yardeni

MARKET CALL: From AI Zen To AI Jitters

Nov 9, 2025 3 min read

The S&P 500 peaked at a record high of 6890.59 on October 28 (chart). It is down 2.4% since then. It retested its 50-day moving average on Friday, falling slightly below it around noon. It then closed higher on the day on hopes that a compromise proposal from the Democrats might end the government shutdown. Negotiations are reportedly happening, but they remain tense and far from

Ed Yardeni

MARKET CALL: Fly Us To The Moon

Oct 25, 2025 4 min read

The major stock market indexes rocketed to new record highs on Friday. We are raising the odds of a meltup from 25% to 30%, reducing the odds of our bullish base-case scenario from 55% to 50%, while leaving the bearish alternative scenario at 20%. In our base-case scenario, the S&P 500 stock price index rises to 7000 by the end of this year and 7700 by the end

Ed Yardeni

MARKET CALL: Did Santa Come Early To Wall Street? Is He Leaving Now?

Oct 18, 2025 3 min read

We've been monitoring the relationship between the S&P 500's ytd performance versus its comparable average of the past 10 years (chart). This year, the index has been much more volatile than the average and has outperformed the average by about five percentage points since early August. Does this mean that the traditional Santa Claus rally started early this year and is over already? Over

Ed Yardeni

MARKET CALL: Pullback, Correction, Or Meltdown?

Oct 12, 2025 3 min read paid

Trump Trade Turmoil hit the stock market hard on Friday as President Donald Trump raised the US tariff on Chinese imports from 30% to 130% in retaliation for China’s imposing severe export controls on its exports of rare earth minerals. This all happened ahead of a summit meeting between Trump and Chinese President Xi scheduled for later this month. On Friday, Trump said he might not attend, then changed

Ed Yardeni

A Bubble In Bubble Fears?

Oct 5, 2025 3 min read

We are raising our year-end S&P 500 target back to 7000. We started the year there, but lowered it earlier this year in response to Trump's Tariff Turmoil. We began raising our forecast again during the spring, when we concluded that the tariff issue would no longer impact the stock market by the end of the summer. We bet the resilience of the economy would boost

Ed Yardeni

MARKET CALL: Nothing To Fear But Overvaluation & A Shutdown

Sep 28, 2025 3 min read

The financial markets have become jittery lately due to concerns about high valuation multiples, particularly among AI stocks, and a potential government shutdown. President Donald Trump reportedly will meet with the top four congressional leaders at the White House on Monday as the threat of a government shutdown on October 1 looms. Meanwhile, investors are once again wondering whether the massive spending on AI infrastructure by the "hyperscalers"

Ed Yardeni

MARKET CALL: The Oracle Of Austin

Sep 14, 2025 3 min read paid

Last Wednesday, Larry Ellison, the executive chairman and chief technology officer of Oracle, saw his net worth jump by $101 billion—the biggest one-day increase ever recorded on the Bloomberg Billionaires Index—to $382 billion. That happened after the company announced at its quarterly earnings conference that Google's Gemini AI models would become available on Oracle's cloud infrastructure. That sent the company's stock soaring

Ed Yardeni

MARKET CALL: Apocalypse Now?

Sep 7, 2025 3 min read paid

President Donald Trump on Saturday amplified his promises to send National Guard troops and immigration agents to Chicago by posting a parody image from "Apocalypse Now" featuring a ball of flames as helicopters zoom over the nation's second-largest city. "I love the smell of deportations in the morning," Trump wrote on his social media site. "Chicago about to find out why it'

Ed Yardeni

Page 1 of 7