HSBC Upgrades US Stocks as Focus Shifts to Earnings From War

Signs that geopolitical risks are easing has shifted the narrative back to fundamentals, prompting HSBC Holdings Plc to lift its view on US equities.

Strategist Alastair Pinder raised US stocks to a buy-equivalent rating, noting that earnings momentum has “turned decisively positive.” Profits in the three months through March are expected to grow 14% from a year earlier, which would mark the fastest expansion since 2024, Pinder noted.