Citi updates S&P 500 forecast with focus on earnings growth
Citi analysts have revamped their S&P 500 target, looking past immediate market damage.
They expect a robust profitability cycle driven by AI infrastructure spending.
The S&P 500 closed Friday at 7,383.74, down 200.57 points, after hitting a record close of 7,609.78 on June 2.
The Philadelphia Semiconductor Index lost over $1 trillion in value after a stronger-than-expected May jobs report.