Julian Emanuel (Evercore) is bullish on equities, citing strong retail participation, declining oil (positive for consumers), fading recession risk, and the end of Fed rate hikes. He sees S&P 500 reaching 7750 (base) and 9000 (bull case), driven by structural tech trends and still-unstretched multiples. He notes $8 trillion in money market funds as potential fuel, and believes inflation has peaked, which should keep yields from rising further.
implicit
implicit
explicit
Metals
USD
S&P500 up
Evercore ISI
8.0
Investment Bank
Julian Emanuel 7.5
Investment Bank
Julian Emanuel 7.5
6/16/2026 5:30:54 PM
ndx
Emanuel's entire thesis is tech-driven structural bull market. He mentions the public is particularly engaged in tech stocks, and that multiples are not stretched despite the rally. His S&P 500 targets imply significant upside for the broader market, which is heavily influenced by NDX.
rut
His bullish equity thesis, driven by retail participation and declining oil (positive for small caps/consumers), implies a positive outlook for the Russell 2000, though not explicitly stated.
wti
Oil has a seven handle to it, and that is a big positive in our view.
He views lower oil as a positive for equities and as a factor that takes Fed rate hikes off the table, implying he expects oil to remain subdued or decline further.
| 5/19/2026 4:40:10 AM | medium term sharp up | 20 days later | -10.24% | -15.36% |
| 4/13/2026 8:34:50 PM | medium term up | 20 days later | +16.59% | +16.59% |
yields
He states that long-end yields moving higher is 'not happening' and that money market yields are not rising as expected, implying he expects yields to remain rangebound or stable in the near term.
