US Weekly Kickstart_ Policy uncertainty and market volatility create risk to the much anticipated rebound in capital markets activity

14 March 2025 | 5:53PM EDT US Weekly Kickstart n The S&P 500 entered -10% correction territory this week as investors digested the implications of policy uncertainty on the economic outlook. We trimmed our S&P 500 earnings estimates and reduced our year-end price target to 6200, representing 10% upside from current levels. n Due to the softer macroeconomic and market backdrop, we reduce our forecast for completed 2025 US M&A volume growth to +7% (from +25%). We model completed M&A activity as a function of ...