Longtime Wall Street strategist Ed Yardeni, president of Yardeni Research, raised his S&P 500 (^GSPC) price target to 5,800 from 5,400. He joins Market Domination Overtime to discuss why he remains bullish on the S&P 500 despite investors trading away from tech.

Yardenis is hopeful about a Federal Reserve rate cut in September. He also is hopeful about earnings. "What I'm looking for is a very strong second quarter earnings season... I think a lot of companies that are not technology companies are going to tell us how they're using AI to cut their costs and increase productivity," he says.

When it comes to the labor market, Yardeni sees "normalization," adding "When I put it all together, I'm not really that concerned about downsides for the economy. I'm not concerned that inflation is going to remain sticky."

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This post was written by Nicholas Jacobino