S&P 500 Surpasses Wall Street Median Ahead of Key Earnings

The S&P 500 index closed above the median year-end forecast from Wall Street last Friday. According to an updated review of 18 top projections, the median now stands at 7,775, following JPMorgan Chase & Co.'s recent update to 8,000. The index settled at 7,785.76, just 10.76 points above the median.

This represents a difference of only 0.14%. Strategist targets are now split between nine below and nine above the current level, with a range spanning 1,000 points or 12.8% of the index. The most recent forecast adjustments were made by firms including Bank of America, UBS Global Research, Jefferies, Canaccord, and BNP Paribas.

All eyes are on U.S. consumers as retail earnings approach. Home Depot's results will be announced on Tuesday, with Target and Lowe's reporting on Wednesday, and Walmart following on Thursday. Investors will scrutinize the companies' sales and outlooks for insight into July's 0.6% drop in retail sales.