Stock market is basically going nowhere for the rest of the year: Goldman Sachs
Mon, February 6, 2023, 6:13 AM EST
In this article:
Investors have seen the best the stock market has to offer in 2023, according to Goldman Sachs.
"
A soft landing — and in fact above-trend growth — is already priced in U.S. equities. Valuations are elevated vs. history and will be constrained by an eventual rise in interest rates. Even avoiding recession, earnings are unlikely to grow substantially in 2023," Goldman Sachs chief U.S. equity strategist
David Kostin wrote in a new note on Monday.
Kostin
lifted his year end S&P 500 price target
to 4,000 from 3,600, but he added the
debt-ceiling debate is likely to be a key risk. The S&P 500 currently resides at 4,111 after a solid 7% year-to-date rally.
The closely watched strategist said alternatives to U.S. stocks such as non-U.S. stocks, credit, and cash offer "superior" risk-adjusted return prospects.
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Ok so aside from the fact that this guy is a Bear who screwed up his call just likeall of them that said DIP and then RIP. Whoops!--
But he says some salient points: HAVE WE SEEN THE BEST FOR THIS WHOLE YEAR?
Could we possible end the year right here-?
Well as painful as that sounds it would be a victory.