The S&P 500 has been in a holding pattern for two months, hampered by bond-market turmoil and narrow breadth where a limited number of stocks are driving the index. Tony Pasquariello, head of hedge fund coverage at Goldman Sachs, believes this setup is not as bearish as many market commentators suggest. He acknowledges the trading environment is “certainly not uncomplicated” while remaining confident the underlying trend is higher. He expects the S&P 500 benchmark to end 2026 higher than it is today.
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