YARDENI RESEARCH QUICKTAKES

YARDENI RESEARCH QUICKTAKES (November 20, 2025). We continue to bet on the economy's resilience and on productivity-led economic growth. Earnings should continue to rise well into next year and beyond. The quality of earnings is generally good. AI bubble jitters could weigh on the market for a while longer, creating buying opportunities among both the Magnificent-7 and the Impressive-493. If the pullback turns into a correction, we might have to push our 7000 yearend target for the SP 500 into early next year. Meanwhile, rapidly spreading bearishness means that this pullback should end soon.