HSBC Raises S&P 500 Year-End Target to 6,500 Points

[California Pension Fund Divided on Bitcoin Investment] California State Pension Fund CalPERS discussed in a forum whether to include Bitcoin in its $506 billion investment portfolio, with candidates holding differing opinions. Currently, CalPERS owns 410,596 shares of Strategy stock, valued at $165.9 million, indirectly exposing itself to Bitcoin through the company.

Bitget HYPE/USDT's perpetual trading volume surged 20 times within 10 minutes, with a turnover of 28.02 million US dollars in the past 24 hours, an increase of 2.10% A surge in trading volume generally indicates an increase in market trading activity or large-scale fund buying and selling operations, which may be caused by certain important market changes or news announcements. According to AiCoin data, the comprehensive ranking of Bitget contracts ranks fourth globally

[Today in History: 8 Years Since China's 'September 4th' ICO Ban] BlockBeats News, September 4 — On September 4, 2017, seven central government departments in China jointly issued a ban on ICO activities. On that day, Bitcoin's closing price was $4,100, and it subsequently dropped to as low as $2,817 on September 15, 2017. On September 4, 2017, China's official authorities, including seven departments, released the 'Announcement on Preventing Risks from Token Issuance Financing,' halting ICOs and classifying them as illegal financial activities. All domestic virtual currency trading platforms were ordered to shut down within a specified timeframe and to stop registering new users.

HSBC released a report raising the year-end target for the S&P 500 Index from 6,400 points to 6,500 points, marking the second adjustment in less than a month. HSBC stated that corporate earnings in the second quarter exceeded expectations, with particularly strong performances in technology and financial stocks. Additionally, it is anticipated that the Federal Reserve will begin cutting interest rates in September, with a cumulative reduction of 0.75% by 2026. HSBC also raised its forecast for this year's S&P 500 earnings per share growth from 9% to 12%, while maintaining its most bullish target at 7,000 points and most bearish target at 5,700 points.

Token rebounds from session lows with whale accumulation offsetting institutional liquidations, but resistance levels cap momentum.