Only a few months into 2025, the sharp decline of the U.S. stock market has prompted some of Wall Street’s top forecasters to scale back their bullish predictions for the S&P 500.

After two years of economic and stock market forecasts proving too conservative, the stock market is selling off as analysts rerate their overly optimistic stance headed into 2025.

Wall Street was poised to open with healthy gains but nowhere near enough to make up for the losses that have piled up in recent weeks as anxious investors flee for safer holdings in the midst of an escalating U.