Goldman Sachs said on Tuesday it has raised its 2019 target for the U.S. benchma...
FILE PHOTO - Traders work on the floor at the New York Stock Exchange in New York, U.S., July 29, 2019. REUTERS/Brendan McDermid
The forecast would see Wall Street extend its decade-long bull run into another year and easily breach its intraday record of 3,027.98 set on Friday as investors bet on a boost from an expected rate cut from the Federal Reserve this week. Though Goldman expects markets to finish 2019 with the best annual performance since 2013, it sees a slowdown in 2019 earnings per share growth for S&P 500 companies at just 3%, a far cry from the 23% it recorded last year, when U.S. President Donald Trump’s corporate tax cuts fueled gains.
“Most of the change in our earnings estimate is driven by weaker-than-expected economic activity, oil prices, and margins, particularly within semiconductors,” Goldman Sachs added.
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