Yardeni Has a Case of 'FEMO'

Ed Yardeni raises his S&P 500 year-end target to 8,400, the highest on Wall Street, citing 'FEMO' — Fabulous Earnings Momentum. He argues that robust earnings growth, not speculative multiples, is driving the market, and maintains a 10,000 target for 2029. - Yardeni lifts his S&P 500 year-end target to 8,400, now the most bullish on Wall Street. - He coins 'FEMO' — Fabulous Earnings Momentum — to contrast with 1999-style FOMO. - Q2 earnings ex-Alphabet/Amazon up ~25%, with similar strength expected in Q3 and Q4. - Forward P/E around 20x is seen as reasonable given ongoing economic growth. - His 8,400 target is derived from $415 EPS for next year and a 20x+ multiple. - He keeps his 10,000 S&P 500 target for the end of 2029, calling the 2020s the 'roaring 2020s'. - Yardeni may raise the 2029 target if earnings momentum continues.