Wall Street strategists are raising their S&P 500 price targets above 8,000 while cautioning that risks of a market pullback are growing. RBC Capital Markets announced Tuesday that its 12-month S&P 500 price target remains at 8,150, and Barclays has also revised its outlook. The updated targets come as the CBOE Volatility Index has dropped under 15, a level CNBC's Mike Santoli called 'eerie complacency,' and the 10-year Treasury yield climbed back above 4.7% after Federal Reserve Chair Kevin Warsh signaled at Jackson Hole that short-term rate increases could come soon. Sentiment data also leans cautious, with John Kolovos of Macro Risk Advisors noting too many bulls in traditional surveys and elevated complacency in real-time data. Charles Schwab's analysis found that just two companies, Nvidia and Micron, are driving roughly a third of the market's total 2026 profit growth, while the ten largest earnings contributors explain about two-thirds of it. Ed Yardeni raised his year-end S&P 500 target to 8,400, his third upward revision of 2026, after starting the year at 7,700, and said he still does not consider himself bullish enough. The S&P 500 has stayed within 2% of its record high above 7,800 throughout August and has gained 12.72% year to date.
Barclays PLC
Royal Bank of Canada
Micron Technology Inc
NVIDIA Corporation
Charles Schwab Corp