Jeremy Siegel Sees ‘Much Quieter’ Year for Stocks in 2025

“Maybe the Mag 7 will do nothing next year” and undervalued small- and mid-cap stocks “are finally going to have their day in the sun,” added Siegel, a Wharton School finance professor emeritus. “I think that that’s perfect, and that’ll keep the bull going.”

The Magnificent 7, which comprises one-third of the S&P 500 valuation, “might be flattish” next year, Siegel said.

He suggested that it might be hard for the S&P 500 to gain another 5% this month, as some gains may have been pulled into November following Donald Trump’s presidential election win.

“We are at high valuations but not extraordinary,” Siegel said.