HSBC head of equity strategy, Americas, Nicole Inui lowered the firm’s year-end S&P 500 target to 5,600 from 6,700, citing the impact of slower U.S. growth and tariff pressure on earnings. In the near-term, the market should trade between recession and stagflation fears until the Federal Reserve cuts and tariff turmoil subsides, the strategist tells investors in a research note. HSBC prefers to “stay defensive” via large caps and value names, but it prepared to “go offensive” with growth stocks and cyclicals on a tariff de-escalation.
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