Earnings Firing On All Cylinders

UBS expects strong 2Q S&P 500 earnings growth of ~28%, driven by AI infrastructure investment and cyclical improvements. The bull market remains intact with year-end price targets for the S&P 500 set at 7,900.

Key Takeaways

• 1.S&P 500 EPS growth is expected to accelerate to ~28% in 2Q.
• 2.Bull market drivers remain solid due to AI investment, cyclical manufacturing improvement, and healthy consumer spending.
• 3.S&P 500 price targets are set at 7,900 for year-end and 8,200 for June 2027.

Table of Contents

• US equities
• Firing on all cylinders
• Guidance should be upbeat
• Deceleration ahead
• Bull market remains intact
• Global asset class preferences definitions
• Appendix

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