UBS came out and lowered its S&P 500 (SP500) year-end target as the investment bank highlighted that market volatility is likely to remain elevated in the near-term and weigh on markets as a result of President Donald Trump’s ongoing tariff plans.

“We’ve revised our year-end S&P 500 target to 6,400, down from 6,600, reflecting the anticipated impact of tariffs on earnings growth. Despite this adjustment, we still foresee meaningful upside driven by positive US growth and robust AI demand,” UBS stated. 

“While we do expect ongoing uncertainty and volatility in the near term, our base case is that tariffs will not derail the economy. We expect the US economy to grow close to its 2% trend this year,” UBS added.

To kick off the trading week on Monday the benchmark S&P 500 hovers at 5,536 and dropped down at one point to a 6-month low. In order for the UBS year-end call to come true, the index would need to rally 15.6% from its current level. 

Following alongside UBS’ S&P 500 year-end target cut, Goldman Sachs has cut its S&P target for the second time this month. 

For investors looking to track the broader moves of the S&P 500 (SP500), there are several index ETFs and mutual funds worth mentioning: 

S&P 500 Tracking Funds: (MUTF:FXAIX), (MUTF:VFIAX), (MUTF:VFFSX), (MUTF:SWPPX), (NYSEARCA:SPY), (NYSEARCA:VOO), (NYSEARCA:IVV), (NYSEARCA:RSP), (NYSEARCA:SSO), (NYSEARCA:SH), (NYSEARCA:SDS) and (NYSEARCA:SPXU).