Goldman Sachs suggests that if the market's pessimistic outlook for US economic growth continues, it may present a chance to buy stocks. The under-performance of cyclical equities and the recent tightening of financial conditions have raised concerns, but the firm believes that the US economy will remain resilient. Sectors like financial services, semiconductors, and materials may still fare well. Higher rates and the surge in yields have also impacted US profits.
-- Markets have grown more pessimistic about the outlook for US economic growth, and if that continues in a substantial way it may offer a chance to buy stocks, according to Goldman Sachs Group Inc.House Speaker Mike Johnson’s First Big Bill Cuts Biden’s Climate Change FundingS&P 500 Extends Slide From Its July Peak to 10%: Markets Wrap
“Although we expect headwinds to discount rates and balance sheets to persist, we would view a substantial further downgrade to the growth outlook as a buying opportunity,” the strategists wrote. Kostin sees the S&P 500 ending the year at 4,500, slightly above the average 4,370 among strategists tracked by Bloomberg. The gauge closed Friday at 4,117.37, down 10% from its 2023 high reached in late July. Just days before it reached that peak, Kostin said the benchmark’s high valuation was reasonable and might rise further into year-end.
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