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S&P 500, VOO and SPY Poised for Further Gains

Posted: 8 September 2026, 12:32 CET 2 min read

S&P 500 and ETFs VOO and SPY may rise after quarterly earnings jumped more than 50%; analysts raised year-end targets up to 8,400 and charts point to a possible breakout.

The S&P 500 and ETFs that track it, including Vanguard’s VOO and State Street’s SPY, are positioned for further gains after quarterly earnings growth exceeded 50% in the most recent quarter, according to FactSet. Several brokerages raised year-end index targets, with some projecting levels above 8,000.

Nvidia reported a 108% increase in second-quarter revenue and projected about 77% revenue growth by 2027. Semiconductor and storage companies such as Dell, SanDisk, Western Digital and Micron posted notable gains. Major banks including JPMorgan Chase, Goldman Sachs and Morgan Stanley reported solid quarters, and energy firms Exxon Mobil, Chevron and Marathon delivered stronger-than-expected results. Multiple companies issued third-quarter and full-year guidance above prior forecasts.

Valuation metrics show a forward price-to-earnings ratio of 19.5 for the S&P 500, slightly below the five-year average of 19.8. Analysts forecast third-quarter earnings growth near 28.5%; if realized, it would be the third straight quarter with earnings growth above 20%. Recent reporting seasons have seen results come in higher than initial estimates.

Goldman Sachs raised its S&P 500 target to 8,000, Citigroup set a target of 8,100 and Yardeni Research projected a rise to 8,400. The index has traded in a consolidation range just below its record highs in recent weeks.

On technical charts, the S&P 500 bottomed near 7,300 in June and July and has formed a pattern identified by technicians as a bullish flag. The index has remained above its 50-day and 100-day exponential moving averages. Technical traders note that a move above the August high at 7,814 would be a breakout signal, with an initial upside target around 8,000 and potential to reach higher analyst targets.

Markets will receive further quarterly reports in the coming weeks. Price action around 7,814 and subsequent trading above that level will be monitored by investors and traders as they assess whether the current consolidation expands into renewed gains.