HSBC raised its S&P 500 year-end target to 5,400

HSBC joined many other financial institutions in raising its prediction for S&P 500 (SP500) performance, with the bank now calling for a year-end target of 5,400. This comes after Q1 experienced a continued move higher after the upswing seen in 2023.

“We raise our year-end 2024 S&P 500 target to 5,400 as a soft landing materializes and we see upside to earnings,” HSBC stated.

The financial institution also detailed its bull and bear cases for 2024. The bank stated that the benchmark index could move as high as 5,700. The firm's bear case would see the S&P 500 fall to 4,800.

“Year-end target could be reached in the near term but election risk and high earnings expectations suggest a tougher 2H,” the firm stated.

See year-end S&P 500 targets by some of Wall Street’s other financial institutions:

• Sanctuary Wealth calls for a 5,800 year-end target.
• Barclays calls for a 5,300 year-end target.
• UBS calls for a 5,400 year-end target.
• Citi calls for a 5,100 year-end target.
• Piper Sandler calls for a 5,050 year-end target.

Heading into a holiday shortened trading week, the S&P 500 trades near its all-time high as it sits at 5,234. The S&P has advanced 10.3% in 2024 and trades above its 50-, 100-, and 200-day moving averages.

For investors looking to track the performance of the S&P 500, here are some S&P-based mutual funds and exchange traded funds: (FXAIX), (VFIAX), (VFFSX), (SPY), (VOO), (IVV), (SSO), (UPRO), (SH), (SDS), and (SPXU).