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- Oppenheimer Asset Management on Monday became the most bullish among global brokerages in its year-end target forecast for the benchmark S&P 500, citing resilient economic data and effective monetary policy.
HSBC earlier in the day raised its year-end target for the 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 higher target stems from better earnings expectations, supported by resilient GDP growth, recent earnings beats and positive sentiment from corporates in the last earnings season," HSBC strategists wrote in a note.
The brokerage expects the second half of 2024 to be"more volatile" due to U.S. elections, elevated earnings expectations, and a shifting narrative from"when" to"how much" the Fed will cut interest rates.
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