Wells Fargo Cuts S&P 500 Year-End Target to 7,700 From 7,950

The signal here is less the headline index level than the sector rotation embedded in it: a major bank stepping back from tech while adding healthcare suggests a defensive tilt within equities rather than an outright bearish call. For crypto and RWA markets, that matters because digital-asset beta has traded closely with tech risk appetite, so a neutral stance on tech removes one source of incremental equity demand that has often spilled over. Whether other sell-side desks follow with similar rotation, or treat this as a lone revision, is the open question worth tracking.