HSBC looking for higher S&P 500 by the end of 2024, boosted its target to 5400.
HSBC citing:
- better earnings expectations supported by resilient GDP growth, recent earnings beats, and positive sentiment from corporates in the last earnings season
More:
- “Our target is predicated on the Fed cutting rates in June with 75bp total cuts in 2024, in line with consensus and Fed expectations based on the recent dot plot.”
HSBC expects H2 of 2024 to be more volatile due to:
- US presidential election
- elevated earnings expectations
- increasing investor clamor from “when” to “how much” the Fed will cut
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