S&P 500 PRICE TARGETS — June 5, 2026. Current: 7,384 SPX (down 2.6% on the week, -3.1% from the 7,621 high). 1-Month: 7,350 (-0.5%). 3-Month: 7,550 (+2.2%). Year-End 2026 Base Case: 7,800 (+5.6%). The desk's read: May jobs report showed +172,000 payrolls (vs ~120k consensus), +93,000 in upward revisions, 4.3% unemployment, +3.4% wage growth (BLS, June 5, 2026) — economic strength, not inflation. VIX spiked 15.40 → 21.51 on the print; the desk reads this as a healthy technical reset in a structural bull market, not a breakdown. Next catalysts: CPI June 10, FOMC June 16–17.