Market Bottom In? Strategists Say S&P 500 Hit Low

Two prominent Wall Street strategists have declared that the S&P 500 has likely reached its market bottom. RBC Capital's Lori Calvasina maintains a 12-month price target of 7,750 for the index, suggesting potential for approximately 13.6% growth from its recent April 9 closing price. She characterized the current market state as a "fragile, foggy bottom," noting that the S&P 500 has experienced a mild pullback and that widespread recession fears have not yet materialized. Calvasina indicated that as long as recession concerns remain low, confidence in a swift end to conflicts persists, and earnings expectations are not significantly impacted, the market low is likely established.

Similarly, Wolfe Research strategist Chris Senyek stated unequivocally that the S&P 500's bottom at 6,343 has been reached. He recommends that investors increase their risk exposure during any market downturns triggered by current geopolitical developments. Senyek emphasized that the beginning of the first-quarter earnings season represents a crucial near-term hurdle. He pointed out that technology and semiconductors are increasingly driving S&P 500 growth, and any earnings disappointments or weak guidance from these sectors could generate broader market anxiety.