HSBC lifts year-end target for S&P 500 to 5,400 on soft-landing hopes
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HSBC raises year-end target for S&P 500 to 5,400 from 5,000, assuming a soft-landing for the U.S. economy. The revised target is based on better earnings expectations, resilient GDP growth, recent earnings beats, and positive sentiment from corporates. HSBC expects the second half of 2024 to be more volatile due to U.S. elections, elevated earnings expectations, and a shifting narrative on interest rate cuts. Under its bear-case scenario, HSBC expects a year-end target of 4,800 if economic data continues to run hot. HSBC joins BofA Global Research and UBS in forecasting the index to end 2024 at 5,400.