In a significant revision that underscores deepening concerns about the U.S. economic outlook, HSBC $HSBC has slashed its year-end forecast for the S&P 500 Index $^SPX to 5600, joining a growing chorus of global brokerages lowering expectations for the benchmark equity gauge. The London-based financial institution cited mounting pressures on corporate earnings, an increasingly fragile growth backdrop, and persistent tariff-related uncertainties as key reasons behind the downgrade.