Stifel Financial's Barry Bannister thinks the S & P 500 will see a steep pullback over the next couple of months. Bannister said Stifel's year-end target of 5,000 for the S & P 500 "seems appropriate right now" given the July jobs data and delayed Federal Reserve interest rate cuts. In early June, Bannister said the S & P 500 could drop to approximately 4,750 before the end of the third quarter of this year. The S & P 500 ended last week at 5,346.56. .SPX YTD mountain S & P 500 this year.

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