Vocal stock market bull Ed Yardeni says even he hasn’t been bullish enough.

The president of Yardeni Research notes in a new CNBC interview that the current market feels like the “roaring 2020s.”

In a previous interview earlier this month, Yardeni raised his year-end target for the S&P 500 to 8,250. When asked on Monday whether he was considering raising that target again, the veteran strategist sounded an optimistic tune.

“I’ve been among the bulls and I haven’t been bullish enough. I mean it’s really extraordinary. We’ve been in what I call not a FOMO market but a FEMO market, meaning ‘Fabulous Earnings Momentum.’ Earnings have been unbelievably strong.”

Yardeni says he’d rather have an earnings-driven melt-up than a valuation-driven melt-up. He also outlines the resilience of the market despite geopolitical headwinds.

“That’s been one of our theses, is that you just don’t want to ignore and underestimate the resilience of the US economy and the US consumer, and I think a lot of that is because of me and people like me, which is a lot of Baby Boomers. I’m still working for a living, but the Baby Boomers are retiring with $89 trillion in net worth. We’re talking about awesome numbers.” 

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The head of US Equity Strategy at Bank of America Securities says broad market gains will be difficult to sustain from current levels.

Appearing on CNBC’s Power Lunch, Savita Subramanian says BofA holds a 7,100 year-end price target for the S&P 500 and remains bearish at the index level.

She says the best single-index buy today is the Russell Large Cap Value Index, pointing to its income-generating profile. Within the broader market, she sees opportunity in value and cyclical names but warns the tailwinds that drove last year’s gains have largely faded.

Subramanian note that 2025 was “essentially the best year on record when it comes to liquidity,” with individual investors, corporate buybacks, privatizations, and government entities all buying U.S. equities simultaneously. That dynamic, she says, is not repeating in 2026.

According to Subramanian:

“The good news is priced in. Typically years where you’ve got great earnings growth and GDP growth are not the best years for equity returns. We are getting a big shift in supply demand. So that’s why we’re bearish at an index level. Within the index, I think there’s a tremendous opportunity to own income value areas of the market that are throwing off capital rather than using it.”

Subramanian also questions how much more earnings can surprise, noting analysts are now forecasting near-record long-term earnings growth rates with strong earnings already anticipated.

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Investors should consider “HALO” stocks for longer-term investments, according to a Goldman Sachs equity strategist.

HALO stands for “Heavy Assets, Low Obsolescence” and is a strategy that involves investing in stocks associated with sectors considered resilient to disruptions from artificial intelligence.

Sharon Bell, a senior European equity strategist at Goldman, says in a new interview that HALO stocks are primed to emerge as “structural winners.”

“And by that, I mean things like utilities, telecoms, industrials, even energy companies that are investing and have good assets and can make return on those assets. And I think Europe has a lot of those. I also like our renewables companies, defense companies, aerospace companies. I think the tech sector in Europe trades at a discount to similar companies elsewhere in the world.”

Bell also says banking stocks could witness gains.

“We think interest rates will be higher for longer and that will help the bank sector.”

The strategist says investors can get positive returns out of European stocks, but she still believes US and Asian equities will outperform.

“So we would have the US outperforming because it’s got big hyperscalers where we’re expecting pretty good returns. And we’re looking for an economy which actually is growing quite nicely in the next couple of years in the US. So we do think the US market continues to outperform Asia as well. We see [it] driven by earnings, driven by the semi stocks and driven by the tech sector.”

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Fundstrat strategist Mark Newton says declining crude oil prices are helping drive strength in several sectors that have lagged the broader stock market.

In a new interview on the Fundstrat YouTube channel, Newton says the recent improvement in a number of consumer and transportation stocks has coincided with weakness in crude oil, creating opportunities outside of technology.

“A lot of it’s just algorithm based and crude turning down. We’re seeing better strength out of the airlines, which is the biggest beneficiary of a drop in crude [oil].”

The strategist also says several retail stocks that struggled while the broader market pushed to record highs are beginning to stabilize and participate in the rally.

Newton points to companies such as retail giants Nike, Target, Best Buy and Home Depot, noting that they largely failed to keep pace with the market over the last year despite major indices reaching new all-time highs.

“Markets hitting new all-time highs, these stocks just weren’t participating. So now that’s slowly but surely starting to change.”

Newton says the recent strength has emerged over roughly the last week and a half and does not appear to be driven primarily by company-specific fundamentals.

The strategist adds that investors looking to diversify away from technology may want to pay attention to these areas as semiconductor and technology stocks become increasingly extended.

“That’s a very good sign for people looking for alternatives of where [to] put [their] Micron and Seagate [stocks]… technology stocks are getting a bit overbought potentially if you wish to diversify.”

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