The S&P 500 Is at 7,400 and Running on One Engine. Here’s the Market Map to December 2026.

Midterms say buy the dip. Tehran says hedge it. The Fed says wait. And a single trade - AI and chips - is holding up the whole tape. Here’s how the next seven months actually break (or break apart).

The one-engine market. The S&P 500 sits at a record while AI and semiconductors do nearly all the lifting and four crosscurrents tug at the tape. Sources: FRED (S&P 500, Brent, BLS, Fed), Dallas Fed,…