Wall Street is set to close the books on a memorable first half next week. Here's what's ahead

The view at the halfway point of the year on Wall Street is more rosy than could've been expected at just about any point over the past six months now that a U.S.-Iran resolution is in sight. This week, JPMorgan hiked its 2026 S & P 500 target to 7,800 from 7,200 , suggesting another 5% rise from current levels is possible thanks to a "Blue Sky" scenario. Others are becoming more sanguine on the market outlook. Thursday's PCE report, for example, showed inflation at its highest in roughly three years, but it also confirmed that consumer spending remains robust — suggesting the U.S. economy can absorb what many hope is a one-time spike in energy prices. "I think there's a very good chance that equities can continue to rally from here in a pretty significant way through the end of the year," said David Miller, investment chief at Catalyst Funds. That doesn't mean investors expect stocks will go up in a straight line. In the week ahead, they anticipate lower trading volumes in a holiday-shortened week — heading into the Fourth of July weekend celebrating the U.S.' 250th anniversary — which could mean wilder swings in the market. At the same time, managers rebalancing their portfolios into the end of the month and quarter could also result in greater volatility. .SPX 5D mountain S & P 500 this week The seasonal picture beyond the holiday weekend is also mixed. July is the best month of the third quarter for the Dow and the S & P 500. …