Wells Fargo Trims S&P 500 Target, Says Iran War to Limit Gains

Economic and market damage from the weekslong war in Iran has been enough to curb potential gains for US stocks this year, according to Wells Fargo Securities LLC.

The bank downgraded its year-end target for the S&P 500 Index to 7,300 from 7,800, which would see a less than 7% gain for 2026 compared to the double-digit climb previously projected for the US equity benchmark. The cut comes as President Donald Trump signaled a desire to end US military operations in the Middle East.