“After peaking near 7,000 at mid-year, the S&P 500 will retreat to 6,600 by the end of 2025 — a full-year gain of roughly 9.4% — as the market digests back-to-back 20%+ years.”

The S&P 500 ended 2025 at 6,845.50, up 16.4% — about 3.7% above his 6,600 target, so the level was close but the shape was wrong: the index was only ~6,205 at mid-year and rallied into year-end rather than retreating from a 7,000 peak.