RBC cuts S&P 500 forecast by 400 points

RBC Capital Markets has lowered its S&P 500 year-end forecast by 400 points to 6,200, reflecting concerns about slowing economic growth. This marks a 6.1% decrease from its previous estimate of 6,600. The adjustment follows a trend of pessimism among investors, consumers, and business owners, as recent economic data raises concerns about consumer health. The S&P 500 is currently down 3.7% year to date. RBC's new forecast aligns with Goldman Sachs, which also set its target at 6,200 last week. Both firms are now at the lower end of market strategist predictions, which average 6,611.