Expect the S&P 500 to end the year around 5,500, says Stifel's Barry Bannister

Market Correction & Economic Slowdown - Stiffel anticipates a market correction in the second half of the year due to an expected consumer slowdown [1] - The consumer slowdown is attributed to increased precautionary savings, impacting consumption which accounts for 68% of the economy [3] - Fixed investment, including capital spending by both houses and businesses, is expected to decline, representing approximately 18% of the economy [3] - The analysis suggests big tech companies are cyclical and sensitive to topline growth and consumer spending [3][6] Federal Reserve & Inflation - The analyst believes the Federal Reserve has already effectively cut rates by raising the inflation target without raising rates [4] - Large tariffs are expected to have a greater impact on the economy in the second half of the year [5] - Core inflation above 3% is considered outside the Federal Reserve's comfort zone, potentially preventing dovish language from the Fed [8] S&P 500 Target & Market Dynamics - Stiffel maintains a year-end or third-quarter target of 5,500 for the S&P 500 [8][10][13] - The market is characterized as a pullback sideways zigzagging market, digesting massive change coming out of Washington [13] - The big tech names experienced a significant decline between January and April, followed by a rebound, but haven't reached previous highs [13]