HSBC has raised its year-end 2025 forecast for the S&P 500 to 6,400 from 5,600, saying stronger-than-expected corporate earnings and fading policy uncertainty should keep U.S. equities rallying. Wells Fargo Investment Institute also adjusted its outlook, lifting its 2026 S&P 500 projection to a range of 6,900–7,100 and nudging its 2025 U.S. GDP growth estimate to 1.3% from 1.0%. The firm shifted its asset-allocation stance, downgrading U.S. small-cap stocks to Unfavorable, upgrading intermediate-term taxable fixed income to Most Favorable, and trimming its commodities view by cutting the energy sector to Neutral. In a further sign of changing risk appetite, JPMorgan upgraded emerging-market currencies and local sovereign debt to Overweight, citing improved fundamentals.