HSBC issued a report stating that after the beginning of August, the year-end target for the S&P 500 index was raised again from 6400 points to 6500 points. Less than a month after two consecutive target increases, the main reason is the better-than-expected corporate earnings in the second quarter. HSBC stated that the momentum of corporate performance in the second quarter is strong, especially in technology and financial stocks. Companies have indicated that the impact of tariffs is moderate. In addition, HSBC expects the Federal Reserve to cut interest rates in September, with a total reduction of 0.75 basis points by 2026. The market generally expects a cumulative reduction of over 1.25 basis points. HSBC also raised its forecast for earnings per share growth for the S&P 500 index this year from 9% to 12%. The market average is expected to increase by 11%. In response to the higher earnings per share growth forecast, the year-end target for the S&P 500 index was raised, with the most bullish maintaining at 7000 points and the most bearish at 5700 points.