HSBC are forecasting the US benchmark S&P 500 index to hit 6,700 by year-end 2025.
- HSBC says the 2024 gains were driven by a mix of earnings growth and a valuation re-rating
- and that the further gains they expect in 2025 will be driven by 9% earnings growth, "incorporating a slower but still resilient US economy and some margin expansion"
HSBC concede that valuations are "more stretched”
