That is The Takeaway from at present’s Morning Transient, which you’ll be able to signal as much as obtain in your inbox each morning together with:Wall Road continues to chase shares and the US financial system larger as income and progress impress.However Wall Road’s largest bull — John Stoltzfus at Oppenheimer Asset Administration — is not simply extra optimistic about earnings and the Fed’s path, however stunned at how skeptics have been washed out throughout this yr’s rally.”For us the large shock this yr has not been a lot the resilience of the financial system however reasonably the substantial capitulation among the many bears and bearish group in addition to improved broader investor sentiment,” Stoltzfus wrote.On Monday, Stoltzfus, the agency’s chief funding strategist, raised his year-end worth goal for the S&P 500 to five,500, a brand new Road excessive. The S&P 500 closed at 5,218.19 on Monday. Stoltzfus added that this shift “seems to be supported by wants to take a position for the long run reasonably than chase the most recent sizzling decide or actionable concept of the day.”In different phrases, if there is a frenzy on this market its avatar will not be present in Leonardo DiCaprio pitching shares in a strip mall on Lengthy Island.To not say this market is freed from hype.As a result of if there is a single catalyst behind the present bull run it was the launch of ChatGPT in November 2022. Seen a sure approach, then, this market is not so totally different from the quick cash flows which have fueled market runs from days passed by.Although as Yahoo Finance’s Josh Schafer has chronicled, the final a number of weeks of buying and selling have featured a broadening of the market rally away from AI-centric performs and in the direction of sectors extra levered to the “actual financial system,” like vitality, utilities, and housing.”We’re not saying that there is not some quick gamers on the transfer within the everyday and week to week motion or deny that some froth exists in some corners of the market,” Stoltzfus wrote, “however reasonably that the new market stuff up to now appears to have been offset by a broadening of the present rally throughout sectors, kinds, and market capitalizations offering offset to ‘irrational exuberance.'”Story continuesAnd whereas some strategists have mentioned the concept of upside eventualities for shares sending the benchmark index as excessive as 6,000 (or larger), Stoltzfus’s name is extra definitive.Stoltzfus additionally acknowledges that, if something, his bullish outlook won’t be bullish sufficient.Noting robust earnings, demographic elements, and the financial system’s “resilience,” Stoltzfus wrote, “we’d want to lift the goal worth once more later this yr ought to this financial and market outlook show us too conservative in our projections.”Click on right here for the most recent inventory market information and in-depth evaluation, together with occasions that transfer stocksRead the most recent monetary and enterprise information from Yahoo Finance