The bar is high for S&P 500 earnings, but these as-yet-unrewarded sectors are where real surprises could be hiding
THE SO WHAT
With expectations concentrated in a few S&P names, upside surprise risk is shifting to under-owned sectors HSBC flags as unrewarded. CFOs in those pockets should be ready to capitalize on any re-rating window — with clear narratives and capex plans — before capital rotates again.
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