Barclays head of US equity strategy Venu Krishna joins Market Domination Overtime to explain his 6,600 price target for the S&P 500 (^GSPC). Krishna identifies two core reasons for his optimistic projection. First, he highlights the robust cycle between income, employment, and consumption, noting that consumer balance sheets remain strong. Additionally, he states, “the overall economy is doing quite well,” with the tech sector particularly “humming” with activity. “When you put those things together, at the core, we remain quite constructive about next year,” Krishna tells Yahoo Finance. Focusing specifically on the tech sector, Krishna highlights Big Tech’s performance, noting the group delivers 31% of earnings growth while the rest of the S&P moves “incrementally.” “The point is the rate at which tech earnings are expected to decelerate is going at a slower pace than what the market expects,” he explains. “At the same time, the rate at which the market expects the rest of S&P earnings to accelerate is also much slower. This so-called convergence, which the market was factoring in to happen in Q1 of next year, has got pushed back to Q1 of 2026.”
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