We're reasonably bullish. Our US equity strategist has 7700 year-end price target, about 12% upside. Big test early in year is the 'big beautiful bill' - how much stimulus it provides to economy experiencing rising unemployment rate.

Important if you look at companies with lot of capex spending but not expected to get good revenue growth - those have underperformed. Oracle has been poster child. Expect investors to take more critical eye to return on that investment capital.

Venezuela impact on US equity markets will come through oil channel. Unless meaningful move in oil (likely upside), wouldn't see negative impact. Venezuelan economy has shrunk - less of global GDP issue. Energy is very under-owned part of US equity markets.