Wall Street Bull Sees S&P 500 Charging to 6,700 by Year-End

After a bumpy spring, the S&P 500 is now just shy of its all-time high—and one of Wall Street’s most optimistic voices thinks there’s still plenty of gas in the tank.

Brian Belski, chief investment strategist at BMO Capital Markets, has upgraded his year-end forecast for the index to 6,700, up from 6,100. That’s a bold 10% rally from current levels, and a sharp turnaround from just a couple of months ago when he trimmed his outlook due to April’s tariff-driven market sell-off.

So, what’s changed? According to Belski, tariff fears have largely faded, giving way to a calmer investing climate. In a note to clients titled “Same As It Ever Was,” he said markets are shifting from a “scare me” to a “show me” mindset—trading less on fear and more on fundamentals.

From Panic to Optimism
Belski isn’t alone. Following Trump’s walk-back on some of his harshest tariff proposals, at least eight major Wall Street firms have also revised their S&P 500 targets higher. The effective U.S. tariff rate has dropped from over 25% to roughly 14%, according to the Yale Budget Lab, easing pressure on corporate outlooks and investor sentiment.

With corporate earnings season ramping up, Belski believes investor focus will turn to actual results, not political drama. He expects stronger guidance to support a broadening rally, especially in sectors like tech, communication services, consumer discretionary, and financials, where earnings estimates still lag behind fundamentals.

Calling Out the Naysayers
Belski also took aim at the doomsayers who championed the “Sell America” trade during the spring’s pullback, calling it overdone and short-sighted. In his words, “The death of American exceptionalism was widely exaggerated and too vehemently applauded to hold any merit or duration.”

Instead, he argues U.S. stocks remain the world’s top equity asset class, offering unmatched consistency, creativity, and diversification.

Bottom line: As the dust settles from tariff shocks, Wall Street’s tone is shifting. If Belski is right, the S&P 500 could not only reclaim record highs—but sprint another 10% higher before the year is out.