A 9,000 S&P year-end target by 2027 is achievable under the right circumstances: Julian Emanuel

• The AI revolution is alive and well, driving capital markets, but is sensitive to financing costs.
• A 10-year Treasury yield breaking above 4.80% or WTI crude above $95/barrel could cause deeper/longer market volatility.
• Earnings will continue to power the index higher in the medium and long term, led by the AI theme.
• An S&P 500 target of 9,000 by the end of 2027 is considered achievable under the right circumstances, driven by extreme capital market activity and strong earnings surprises.

Julian Emanuel discusses the current bull market, highlighting that disruptions have stemmed from either AI jitters or macro concerns. He believes the AI revolution is robust, driving capital markets, but warns that rising Treasury yields (especially above 4.8% on the 10-year) and increasing oil prices could create near-term macro headwinds. Despite this, he maintains an optimistic long-term outlook for the S&P 500, with a 9,000 target by 2027 under favorable conditions.