HSBC: KEY MILESTONES FOR S&P 500 RALLY S&P 500 +33% since April, already above HSBC’s 6,500 year-end target, nearing bull case of 7,000. Risks ahead: 🔸 Govt shutdown: Congress faces Sept 30 deadline; past shutdowns have been brief but disruptive. 🔸 Fed policy: Expected 25bp cuts on Oct 29 & Dec 10; historically, cuts outside recessions lift S&P ~8% in 6 months. 🔸 Trade: Tariff extensions—Mexico (Oct 31), China (Nov 10). Positive if extended or broadened. 🔸 AI investment: Q3 earnings should confirm rising hyperscaler capex; Mag7 set to deploy 414B of 1T cash into AI, with Apple likely to ramp up.(*Walter Bloomberg)