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Wall Street Sees S&P 500 Falling Further After Bear-Market Bounce

  • HSBC cuts S&P 500 year-end price target to 3,500 from 4,450
  • Credit Suisse, Goldman Sachs also lower targets for the index
Bloomberg business news
Fed Won't Be Pivoting Anytime Soon: Goldman's Kostin

Some of Wall Street’s biggest banks aren’t buying this stock-market rally.

Firms from HSBC Holdings Plc to Credit Suisse Group AG are skeptical that the S&P 500 Index has reached its ultimate low and warning that US equity prices still don’t fully reflect the risks of higher interest rates on earnings and valuations. Aggressive tightening by the Federal Reserve in an attempt to fight the hottest US inflation in four decades can do further damage to corporate bottom lines and, in turn, share prices, according to HSBC.