Bloomberg Surveillance · Tuesday, July 28, 2026
Jay Hatfield has set a target range for the S&P 500 between 8,000 and 9,000, citing rising earnings estimates and considering current Treasury yields. He explained the range is based on a 20-month multiple for the lower end and a 23-times multiple for the higher end, influenced by geopolitical events like the Iran war, which causes rotation rather than overall market rallies.
“So earning's estimate and you can I get them on the terminal, and you should get them on the terminal because that's consensus. That's the defined consensus have gone up fifteen percent since the beginning of the year.”
“So you kind of pick your poison. But earning's estimates are continuing to rise. They're very robust, and so it is a good market. But because of the war, right now, we're just rotating instead of rallying.”