HSBC Monday raised its year-end target for the benchmark S&P 500 to 5,400 from its prior forecast of 5,000, assuming a soft-landing for the U.S. economy and implying about 3% upside to the current levels. The revised target presupposes economic growth to remain resilient and potential rate-cuts to bode well for nontechnology stocks.
HSBC has joined peers BofA Global Research and UBS in forecasting that the index would end 2024 at 5,400. The S&P 500 on Friday registered its biggest weekly percentage gain of 2024.
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