Evercore’s Julian Emanuel on his bull case for S&P 500 reaching 9,000

Summary

Julian Emanuel from Evercore lays out a bull case for the S&P 500 reaching 9,000, citing favorable macro conditions, strong earnings, and sidelined cash. He highlights public enthusiasm for tech stocks as a leading indicator and sees the bull market continuing with a FOMO-driven capital markets phase still ahead. Lower oil and no Fed rate hikes add to the constructive setup, while profit-taking in semiconductors is seen as natural rotation.

• S&P 500 current target 7,750; bull case opened to 9,000.
• Recession risk receding, Fed rate hikes off the table, long-end yields not rising.
• Lower oil (below $80) is an unexpected bonus for markets.
• Public engagement in tech stocks leads professionals, signaling further gains.
• $8 trillion in money market funds could rotate into equities as yields stall.
• Semiconductor profit-taking after massive runs seen as natural, not a bearish signal.
• Earnings power is greater than expected, keeping multiples from stretching.