HSBC lowers its target for the S&P 500 index, stating that tariffs and the economy will bring pressure on corporate profits.

HSBC strategist lowered the year-end target of the S&P 500 index from 6700 points to 5600 points, citing that tariffs and lower-than-expected US economic growth will bring pressure on corporate profits. Strategists including Nicole Inui wrote in a report to clients, "We expect the market narrative to oscillate between recession and stagnation until tariff tensions ease, the Fed begins to ease policy, and/or inflation pressures no longer accumulate."