The inventory market’s run to all-time highs after a dreadful spring sell-off has many on the Street feeling good about equities. Others take a darker view. Wells Fargo mentioned Friday it sees the S & P 500 running as excessive as 6,600 in 2025. Citigroup earlier this month additionally raised its year-end goal on the benchmark to six,600, whereas Oppenheimer in late July bumped its forecast all the method to 7,100. To be honest, there are good causes to be optimistic. As CNBC’s Michael Santoli pointed out in his Saturday column, the IPO market is exhibiting indicators of energy, credit score spreads are tight and expectations for Federal Reserve charge cuts are sky excessive. But not everyone seems to be optimistic. RBC’s Lori Calvasina, for instance, thinks additional features could be tougher to return by. .SPX YTD mountain SPX 12 months so far “We continue to think the summer rally in the S & P 500 has generally made sense from a sentiment perspective, but is also starting to run out of room from that angle,” the financial institution’s head of U.S. fairness technique wrote Tuesday. Calvasina highlighted that the present rebound started greater than 90 buying and selling days in the past. “Note that the rebounds of 2010, 2011, 2016, and 2022 all lost momentum around this point in time,” she mentioned. “As of August 15th, the 2025 rebound has been most closely correlated with the rebound off the Dec-2018 low. Now is right around when that rebound took a breather, with a 7% drawdown between late April and early June of 2019.” Other points are plaguing the market as effectively, together with a excessive valuation and big focus in just a few megacap tech names. “Mindful of this valuation pressure, along with the tendency of September and October to be tough months for S & P 500 performance in recent years, and the sudden deterioration in [American Association of Individual Investors] net bullishness, we remain on guard for choppy conditions in the balance of the year,” mentioned Calvasina. Calvasina has a 6,250 goal on the S & P 500, which suggests draw back of 3.1% from Monday’s shut.