HSBC's multi-asset strategists suggest that current market conditions present a buying opportunity for risk assets, despite recent volatility in tech stocks. They highlight that the S&P 500 is nearing its all-time high, yet market sentiment remains subdued. Additionally, high-yield bond spreads have widened minimally, and emerging market bond spreads are narrowing, indicating unique market dynamics. The strategists note that the VIX futures curve's cash premium suggests short-term uncertainty, primarily due to concerns in speculative market segments. However, they point out that low expectations for S&P 500 earnings, excluding tech, set a lower bar for the upcoming earnings season. HSBC anticipates that a potential rate cut by the Fed in December could improve market sentiment, creating a favorable environment for increasing risk positions.