Analysis Report: Oppenheimer's Stoltzfus Advocates 'Buy the Dip' Strategy on CNBC (Nov 21, 2025)

On November 21, 2025, John Stoltzfus, Chief Investment Strategist at Oppenheimer Asset Management, appeared on CNBC’s The Exchange to discuss market opportunities and his bullish outlook. The interview emphasized a “buy the dip” strategy, citing economic resilience as a key driver of continued market strength [4]. Stoltzfus is known for his Wall Street-leading year-end S&P 500 target of 7,100, which he reaffirmed in recent communications [2][3]. This target implies approximately 7% upside from the index’s closing level on November 21 [0].

The U.S. stock market rallied on the day of the interview, with major indices posting solid gains:

• S&P 500: +1.17% to 6,632.43 [0]
• Nasdaq Composite: +1.13% to 22,413.19 [0]
• Dow Jones Industrial Average: +1.23% to 46,374.12 [0]

Concurrent with the interview, New York Fed President John Williams’ comments about potential “near-term” rate cuts without inflation risks boosted market sentiment [5]. This combination of bullish analyst commentary and dovish Fed signals contributed to the positive market reaction.

Sector performance reflected broad-based gains, with defensive and cyclical sectors leading:

• Healthcare: +2.26% (top performer) [1]
• Consumer Cyclical: +1.90% [1]
• Industrials: +1.75% [1]

Utilities (-0.64%) were the only sector in negative territory, likely due to rate-cut expectations reducing demand for bond-proxy assets [1].

1. Index Performance
   : The S&P 500 closed at 6,632.43, representing a 1.17% gain on the day with a trading range of 6,521.92 to 6,660.05 [0]. This movement indicates strong buying interest throughout the session.
2. Sector Rotation
   : The outperformance of Healthcare and Consumer Cyclical sectors aligns with Stoltzfus’ historical preference for cyclical sectors [3], though specific sector mentions in the interview could not be verified without a transcript.
3. Valuation Context
   : Stoltzfus’ 7,100 target for the S&P 500 is based on projected earnings per share of $275 and a forward P/E ratio of 25.8 [2], which is above the 5-year average of 19.9 [2]. This suggests a reliance on continued multiple expansion or stronger-than-expected earnings growth.

• Interview Transcript
  : Exact details of Stoltzfus’ sector preferences and “buy the dip” implementation strategy (e.g., which dips to target, position sizing) are unavailable without the full interview transcript [4].
• Intraday Impact
  : While the market closed higher, we lack intraday data specifically around the interview time (1:59 PM EST) to determine if there was an immediate price reaction to his comments.
• Economic Resilience Metrics
  : The interview mentions “economic resilience” but does not specify which indicators Stoltzfus was referencing (e.g., GDP growth, employment data, inflation figures).

Decision-makers should seek additional information on:

1. Oppenheimer’s detailed sector allocation recommendations
2. The specific economic data points supporting Stoltzfus’ resilience thesis
3. The risk management framework underlying the 7,100 target projection

• Valuation Risk
  : The 7,100 target assumes a premium valuation multiple that may not be sustainable if earnings growth slows or Fed policy becomes less accommodative [2]. Users should be aware that this target is among the highest on Wall Street and carries significant execution risk.
• Fed Policy Uncertainty
  : While Williams’ comments were dovish, other Fed officials have expressed concerns about inflation, creating uncertainty around future rate moves [6]. This could impact market sentiment and valuation multiples.
• Market Volatility
  : Recent tech sector selloffs and geopolitical tensions have created periodic market dips [6]. Investors implementing a “buy the dip” strategy should have clear criteria for identifying meaningful dips versus temporary fluctuations.

Key factors to monitor going forward:

1. Upcoming economic data releases (especially inflation and employment reports)
2. Fed communications leading up to the December policy meeting
3. Earnings reports from major companies that could impact the S&P 500’s earnings trajectory
4. Sector rotation patterns to confirm alignment with Stoltzfus’ cyclical preference

[0] Internal Market Data Tool: U.S. Market Indices (Nov 21, 2025)
[1] Internal Sector Performance Tool: U.S. Sector Performance (Nov 21, 2025)
[2] Yahoo Finance: “Wall Street issues its most bullish 2025 S&P500 target yet” (https://finance.yahoo.com/news/wall-street-issues-its-most-bullish-2025-sp-500-target-yet-144625166.html)
[3] Oppenheimer.com: “John Stoltzfus Announces7100 Price Target for S&P500” (https://www.oppenheimer.com/news-media/2024/insights/oam/john-stoltzfus-announces-7100-price-target)
[4] CNBC Video: “Time to ‘buy the dip’ as resilience remains evident through economic data: Oppenheimer’s Stoltzfus” (https://www.cnbc.com/video/2025/11/21/time-to-buy-the-dip-as-resilience-remains-evident-through-economic-data-oppenheimers-stoltzfus.html)
[5] CNBC: “One Fed official may have saved market from another rout. Why John Williams’ remarks matter so much” (https://www.cnbc.com/2025/11/21/one-fed-official-may-have-saved-market-from-another-rout-why-john-williams-remarks-matter-so-much.html)
[6] Nasdaq.com: “Stock Market News for Nov21,2025” (https://www.nasdaq.com/articles/stock-market-news-nov-21-2025)