On March 17, Royal Bank of Canada Capital Markets lowered its forecast for U.S. stocks in 2025, lowered the year-end target of the S&P 500 index from 6,600 points to 6,200 points, and lowered its earnings per share forecast by 2.5%, due to increasingly gloomy earnings forecasts, a possible slowdown in the economy, and increasing uncertainty caused by the trade war. “Historically, slowing economic growth has in itself been a significant headwind for equities to overcome,” the strategists wrote in the report. They noted that sentiment signals from consumers and businesses are waning, as is support for Trump. They also lowered their year-end bear market expectations for the S&P 500 from 5,775 to 5,550.
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