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HSBC: US Stock Market Could Decline Ahead of Midterm Elections Amid Policy Uncertainty

GateNews
According to HSBC Chief Multi-Asset Strategist Max Kettner, the U.S. stock market could face headwinds ahead of the midterm elections due to elevated sentiment, fading fiscal stimulus, and rising policy uncertainty. Kettner, who has maintained an overweight stance on equities since mid-March, noted that current positioning and market sentiment have reached levels similar to the 2021 economic recovery period, while consumer spending data indicates a slowdown. He highlighted that fiscal stimulus from recent measures is concentrated in the first half of 2026, with limited additional support expected thereafter. Regarding election risks, Kettner pointed out that tight polling in the Senate race creates uncertainty around AI and data center regulation, which could weigh on the broader technology sector. He recommends investors consider reducing equity positions after the current earnings season concludes, though he views any pullback as a potential buying opportunity.
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