Wall Street Starts to Rethink Lofty S&P 500 Forecasts for 2025

For two consecutive years, stock-market prognosticators lifted their outlooks for the S&P 500 Index over and over again to keep up with an unrelenting rally.

Now just under three months into the year, sell-side strategists at firms including JPMorgan Chase & Co. and RBC Capital Markets are starting to temper bullish calls for 2025 as President Donald Trump’s tariffs stoke fears of slowing economic growth and send US equities into a tailspin.