Hedge 'Big Tech' With Defensives & Gold: Stifel Lays Out 2026's Bull & Bear Case

Stifel is setting expectations for a volatile 2026, projecting the S&P 500 will trade within a 6,500 to 7,500 corridor next year as macro uncertainty persists.

In its latest strategy update, Stifel's Barry Bannister said the firm is approaching the year by weighing “upside potential versus downside risk” after what it describes as having “fallen into a bear trap” following the tariff pivot in April 2025.