Published research on US equities is leaning bullish, with a few sharp pockets of caution worth flagging.
The bull case, according to multiple research notes out this week, rests on earnings momentum: Q2 EPS growth tracking around 23%, upward revisions extending into 2027, and one strategic view arguing the S&P 500 can reach 9,000 long-term on earnings power near $450. Analysts supporting this add a resilient labor market, lower oil, and a Fed likely to stay accommodative if nominal growth holds above 5%.
The dissent is narrower but pointed. A contrarian thread argues AI capex expectations and late-cycle earnings assumptions set up "sell the news" risk into Q2 reports. Separate published views flag mega-cap AI names as overstretched, with one calling SpaceX severely overvalued at over 100x sales.
On rotation, the published consensus favors financials, tech, health care, and defense, with some strategists overweighting small caps and re-labeling large-cap growth as "value." Utilities split by horizon: tactically cautious, structurally bullish on grid and power buildout.