Federated Hermes chief market strategist Phil Orlando joins Market Domination Overtime to discuss market outlooks as the Trump-fueled election rally cools.

"One of the things we've got to consider is that there's a new sheriff in town," Orlando states.

He points out that the new government, including a Republican sweep, signals upcoming tax changes "that have significant implications for us later in the cycle," noting these effects might take one to two years to materialize in the markets.

Orlando shares his bullish outlook for the S&P 500 (^GSPC), projecting a target of 6200 for year-end 2024, rising to 7000 by the end of 2025, and reaching 7500 by the close of 2026. "We've got a little bit more juice to the upside," he predicts.

However, Orlando cautions that "there's a lot that we don't know," particularly as Trump continues to select administration members. He emphasizes that "personnel is policy," suggesting these appointments will significantly influence both markets and the broader economy.

To watch more expert insights and analysis on the latest market action, check out more Market Domination Overtime here.

This post was written by Angel Smith