S&P 500: Will Stocks Keep Rising? Arguments For & Against

Key Takeaways

• The S&P 500 could climb about 15% by the spring of 2026, according to Wellington-Altus’s chief market strategist.
• This strategist believes President Donald Trump has “reset the economic cycle, setting the stage for a historic rally.”
• However, market watchers are divided, with some seeing signs of a seasonal slowdown in specific sectors.

Get ready for potential market shifts. While one prominent strategist predicts a significant rally for the S&P 500, others are flagging caution. It’s a classic case of Wall Street debating the next big move.

Jim Thorne, chief market strategist at Canadian investment firm Wellington-Altus, laid out a bullish case in a report published Tuesday. He sees the S&P 500 reaching 7,500 by the spring of 2026. That’s a projected upside of roughly 15% from recent levels.

The “New American Framework”

Thorne describes this outlook as the “new American framework.” He argues that the U.S. is at a pivotal point, facing fiscal transformation, technological upheaval, and a resurgence of innovation. This, he believes, is causing traditional economic complaints to lose traction.

“The chorus of Wall Street elites and bond vigilantes—those ‘reasonable’ guardians of orthodoxy—suddenly find their well-worn complaints losing traction,” Thorne wrote. “The unreasonable innovators, meanwhile, are busy rewriting the rules. The upshot—smart investors don’t complain, they just adapt and ignore the noise.”

This perspective comes as tariff policy evolved after Liberation Day, prompting some strategists to revise their S&P 500 targets upward again. However, not everyone shares Thorne’s optimism.

Signs of a Potential Slowdown?

Mark Newton, head of technical strategy at Fundstrat, offered a more cautious view on Tuesday. He noted that the S&P 500’s advance, alongside the Invesco QQQ Trust (QQQ), an ETF tracking the Nasdaq 100 index, reaching all-time highs, could signal upcoming resistance.

Newton pointed to declining market breadth since mid-July, a key indicator of market momentum. He also observed that defensive sectors, such as consumer staples, have been gaining ground. According to Newton, these are often precursors to a market correction.

Embracing the Future of Finance

Thorne highlighted the rapidly evolving cryptocurrency space as an example of this new innovative landscape. Regulatory clarity is boosting demand for bitcoin and other digital assets.

He also noted broader changes in the financial system. Fintech platforms are introducing tokenized stocks. Major retailers like Walmart and Amazon are reportedly exploring their own stablecoins, digital currency alternatives designed for payments.

What’s the takeaway for investors? Thorne advises ignoring “fear-driven narratives” and positioning for growth. He suggests focusing on sectors and companies involved in artificial intelligence, blockchain, tokenization, industrials, and digital asset infrastructure.