The S&P 500 closed near 7,695 on October 29 after trading around 7,620–7,820 in recent weeks, with Wall Street consensus year-end targets averaging near 7,967. Elevated inflation, including a 0.5% September PCE rise pushing the annual rate to 3.6%, prompted the Federal Reserve to hold the funds rate at 3.75–4% on October 28 despite two dissents favoring a hike, while signaling more data needed before December’s meeting. Strong 3.4% third-quarter GDP growth and projected 11–36% S&P earnings expansion support current levels, yet 10-year Treasury yields near 5% and AI-related tech volatility have capped upside. Traders are watching the December FOMC, upcoming jobs data, and major earnings releases for signals on monetary policy and risk appetite that could shift implied probabilities for index thresholds by year-end.