Oil is a sideshow to equities as tech remains the fundamental driver, says Raymond James' Larry Adam

• Geopolitical tensions in the Middle East are expected to de-escalate, leading to oil prices closer to $75/barrel by year-end.
• Technology is the fundamental driver of the market, not oil, with tech corrections historically proving to be buying opportunities.
• Raymond James maintains an S&P 500 year-end target of 7,650, supported by strong earnings growth and valuations.

Larry Adam of Raymond James believes tech remains the fundamental market driver, with oil prices being a 'sideshow'. He expects de-escalation in the Middle East and lower oil prices by year-end, which would benefit consumers and ease inflation. He maintains a bullish S&P 500 year-end target of 7,650, viewing recent tech weakness as a buying opportunity.