UBS has revised its year-end target for the S&P 500 from 6,600 to 6,400, citing increased volatility and economic uncertainty due to ongoing tariff measures. Despite these challenges, the bank anticipates a potential 15% rally, driven by strong US growth fundamentals and robust demand for artificial intelligence. Currently, the S&P 500 is around 5,536, having recently hit a six-month low, and analysts remain cautious as they monitor evolving economic and policy factors.