Gate News message, April 22 — JPMorgan Chase’s strategy team, led by Dubravko Lakos-Bujas, has raised its year-end forecast for the S&P 500 (U.S. benchmark equity index) to 7,600 from a prior target of 7,200, according to Bloomberg. The upward revision reflects renewed investor enthusiasm in the artificial intelligence (AI) sector and de-escalating geopolitical risks in the Middle East, as tensions between the United States and Iran show signs of cooling.
The bank now forecasts 2026 S&P 500 earnings per share (EPS) at $330, up from $315, while the 2027 estimate climbed to $385 from $355. The forward multiple (price-to-projected-earnings ratio) remains unchanged at 22x. However, if geopolitical tensions resolve quickly, Lakos-Bujas suggests the multiple could expand to 23x, potentially lifting the 2026 S&P 500 projection to around 8,000.
The AI investment theme gained momentum after Anthropic previewed its latest AI model, Mythos, on April 7. Since then, 66% of S&P 500 AI-related equities have outperformed. Despite the bullish outlook, the strategy team warns that markets may enter “a short-term consolidation phase before resuming its upward trajectory,” citing risks including elevated oil prices and lingering geopolitical tensions.
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