Wall Street is cooling on stocks

A growing number of Wall Street strategists are lowering their S&P forecasts for the year. What hasn’t been a feature in many of these calls is a more bearish outlook for the “Magnificent Seven” and Big Tech more broadly. This stands out given that bullishness on tech and artificial intelligence drove S&P 500 targets higher over the past two years and has also led to the recent 10% correction in the benchmark index. “Elevated capex is a clear and present risk amid ongoing concerns around AI monetization, but [Big Tech] valuations are the most reasonable in almost two years after…