One of the biggest bulls on Wall Street has finally pared back their optimism for the rest of this year. Oppenheimer Asset Management Chief Investment Strategist John Stoltzfus cut his year-end price target on the S&P 500 to 4,800 from 5,330.

Before this cut, Stoltzfus had maintained the highest year-end price target among Wall Street strategists tracked by Yahoo Finance. The benchmark index closed at 3,902 on Thursday. The cut is expected to have little impact on the market's long-term direction.

This outlook stills suggests a nearly 25% rally in the benchmark index through the end of this year. It implies the index will rise fractionally during 2022, closing 0.7% higher than where stocks ended 2021. "The incursion into Ukraine by Russia and China’s lockdown of Shanghai (a city of over 25 million people) as well as of other cities in China added catalysts," Stoltzfus said.

Stoltzfus: We believe US economic fundamentals remain on solid footing. US growth should remain well supported by consumer demand, business investment, and government spending. During the second quarter, bottom-up earnings estimates fell just 1.1%, according to data from FactSet.
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