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Wall Street lower as Treasury yields climb.

Wall Street lower as Treasury yields climb.

S&P at 10.000?

October 08, 2026

1. S&P at 10.000?

The S&P 500 index has been powered by an historic artificial intelligence spending boom, enormous fiscal stimulus injections, and still-loose financial conditions. It could cross 8,000 points in a matter of days. Once that benchmark goes, the psychologically important 10,000 target suddenly doesn't seem so far away.
Ed Yardeni, president of Yardeni Research, has long held that 10,000 will be reached by the end of this decade.
Earnings are the "glue" holding everything together, according to Manish Kabra at Societe Generale. He reckons earnings per share (EPS) will be $400 by the end of the year, notably higher than the current consensus of $363.50.
This puts the S&P 500 at 8,000 points at the end of this year. The arithmetic is simple. Multiply 400 by 20 — the forward price/earnings ratio the market is currently trading at — and you arrive at Kabra's year-end base case of 8,000 points.

Kabra's "big bull" scenario — Treasury yields nearer 4%, oil back down to $80 per barrel, and US hyperscalers' free cash flow turning positive — could see the S&P 500 reach 10,000 by the end of next year, he says.

2. There are higher budget deficits than France.

3. The US buyback window begins to reopen on October 15.

Corporates are still largely in their Q3 earnings blackout, but the buyback window begins to reopen on October 15. From there, the corporate bid should build through earnings season and accelerate into November, historically the strongest month of the year for corporate buyback executions.

4. Total AI spending is falling despite rising usage.

Cheaper and more efficient models at standard and lite levels, are pushing down the cost of using AI.
This decline in spend is driven almost exclusively by competition between OpenAI and Anthropic.

5. Deutsche Telekom is preparing for the phase-out of the smartphone economy.

DT believes that, post iPhone's 18 iterations, Telco communications model will eventually evolve away from smart-phones with apps, towards new devices which may be more voice- and agent-driven. “6G and Physical AI go hand-in-hand, forming a symbiotic relationship, and can drive new revenue opportunities in th era of intelligent networks.”