The trade chaos has stock market forecasters across Wall Street adjusting their predictions for where the S&P 500 will end 2025. Subramanian cut hers to 5,600 from 6,666, and colleagues at Oppenheimer & Co., Evercore ISI, Goldman Sachs Group Inc., Societe Generale SA and RBC Capital Markets have trimmed theirs as well. Ed Clissold at Ned Davis Research lowered his target to 5,550 from 6,600, reflecting a 50% chance of recession.
