SPX: another ATH
The positive track for S&P 500 continued for another week. The index reached a fresh new all time highest level during the previous week, at the level of 6.090. November jobs data were in the center of attention of investors, which witholded the positive sentiment during the first week of December. The US economy added 227K new jobs, which was modestly higher from the market estimate. Despite the relatively stable jobs market, the CME FedWatch Tool is showing the expectation of market participants that the Fed will cut interest rates by 25 bps at their December meeting, with 85% odds.
Tech companies were again in the spotlight of investors. However, this week, same as previous, retailers were also in the focus. It comes after a summary of estimates of sales for holidays in the US, where Black Friday shopping was the first estimate. The traditional New Year holidays season is coming as of the end of December, from which retailers should additionally benefit.
At the dawn of a new year, HSBC provided their estimates for the year 2025. As per their analysts, the S&P 500 could continue to reach higher levels. HSBC estimate is the level of 6.700. They are supporting their view on the index, with the slow but resilient US economy, “and some margin expansions”.
Tech companies were again in the spotlight of investors. However, this week, same as previous, retailers were also in the focus. It comes after a summary of estimates of sales for holidays in the US, where Black Friday shopping was the first estimate. The traditional New Year holidays season is coming as of the end of December, from which retailers should additionally benefit.
At the dawn of a new year, HSBC provided their estimates for the year 2025. As per their analysts, the S&P 500 could continue to reach higher levels. HSBC estimate is the level of 6.700. They are supporting their view on the index, with the slow but resilient US economy, “and some margin expansions”.
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