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BlockBeats News, June 8th. Citigroup stated that the profit growth brought by AI development is expected to drive the S&P 500 index to break through the 8,000-point mark in 2026. The bank has raised its year-end target for the S&P 500 index to 8,100 points, a more than 9.5% increase from last Friday's closing price, previously set at 7,700 points. Strategist Kronat predicted that the S&P 500 earnings per share will reach $350 in 2026 and rise to $400 in 2027. Kronat said, "AI is significantly boosting the fundamentals of related industries, and we are confident in the continued earnings surprise by the end of the year." He pointed out that first-quarter earnings surprises were unusually widespread, and although it may be challenging to sustain, the surprise rate in the coming quarters will remain above normal levels. Kronat believes that earnings will replace valuation expansion as the main driving force of the index. He added that despite uncertainties such as the US-Iran war, inflation, and interest rate paths that may cause volatility, AI spending remains the focus of investors. Regarding concerns about an AI bubble, Kronat believes that the market's enthusiasm for AI growth is far from over. "We are currently in the middle game stage, and future price-earnings ratios will tend to be moderate, with earnings growth taking on greater responsibility," he said.

The S&P 500 Index has risen by 1.00% intraday, currently at 7,457.86.

BlockBeats News, June 8th, Fitch Ratings has upgraded the global oil and gas industry outlook from the previous level to "Improving," citing the recent rise in oil prices boosting the industry's profit outlook. Fitch expects that amid the disruptions to shipping in the Strait of Hormuz, the Brent crude oil price will remain in the range of $100 to $110 per barrel from June to July, but as supply recovers, the price is expected to fall to around $70 by September. Fitch assumes that after the reopening of the Strait of Hormuz, global oil production will quickly recover, and it believes that there has not been any substantial damage to major oil infrastructure at present. The agency stated that short-term energy supply concerns will continue to support oil prices, but as geopolitical risks ease and production capacity is restored, the impact of the oil price increase is expected to gradually diminish.