Wall Street strategists still think stocks will recover by the end of 2025 — just not as dramatically as they had once predicted.

Most U.S. stocks are climbing Thursday, but the worst drop for UnitedHealth Group in a quarter of a century is keeping Wall Street in check. The S&P 500 was 0.5% higher in late trading, as 6 out of every 7 stocks within the index climbed in the final day of trading for a holiday-shortened week.

President Trump’s tariffs haven’t just rattled the stock market; they’ve also made it nearly impossible to estimate where stocks are headed.