Ed Yardeni of Yardeni Research reduced his year-end S&P 500 Index forecast to 7,900 from 8,400.
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The recent backup in bond yields brings higher risk of a downturn over the next three to six months, Yardeni argues.
The firm's prior year-end target of 8,400 now becomes its mid-2027 target.
Yardeni still expects the economy to "grow without a recession through the end of the decade."
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