Goldman Sachs Research analysts remain constructive on equities for 2026 as earnings continue to grow, but forecast lower index returns than in 2025, amid a broadening bull market.

2 weeks ago - Sturdy global growth coupled with non-recessionary Fed cuts should be positive for global equities, but tensions with 'hot valuations' may increase volatility.

2 weeks ago - Goldman Sachs Research analysts remain constructive on equities for 2026 as earnings continue to grow, but forecast lower index returns than in 2025, amid a broadening bull market.

2 weeks ago - Goldman Sachs Research economists expect sturdy global growth of 2.8% in 2026, versus a consensus forecast of 2.5%. The US is likely to outperform substantially (2.6% vs. 2.0%) because of reduced tariff drag, tax cuts, and easier financial ...

Source: Compustat, IBES, FactSet, Goldman Sachs Global Investment Research. As of October 8, 2025. The Magnificent 7 continue to expand their market share through strong core businesses and strategic reinvestment. In our view, the strong earnings power of these large companies may set the stage for further gains. We believe hyperscalers’ AI capex will extend into 2026, and we continue to monitor associated AI infrastructure spending, as well as AI application build-out and monetization.

2 weeks ago - The cornerstone of Goldman Sachs' 2026 thesis is a projected real GDP growth rate of 2.6%, a figure that sits well above the broader market consensus of 2.0%. Jan Hatzius attributes this outperformance to a "front-loaded" economic boost in the ...

2 weeks ago - “If I had to characterize 2026 in three words, it's going to be technology, globalization, and ambition,” says Stephan Feldgoise, global head of M&A. The back half of 2025 contributed to what was an exceptional M&A year rivaling record volumes ...

1 month ago - As the global financial system approaches 2026, investors are navigating a landscape defined not by the synchronized recovery of the early 2020s, but by profound structural divergence and the crystallization of a new economic regime.

Central bank divergence: Given labor market weakness, Goldman Sachs Asset Management sees potential for two Fed cuts in 2026. The ECB may hold for the foreseeable future while the BoE could resume cuts in December, driven by improved inflation, a relatively weak labor market, and potential ...

November 20, 2025 - Valuation discipline will matter, and misses may be punished more forcefully in 2026. Global co-head of fixed income Kay Haigh described a landscape where policy divergence and shifting issuance patterns are likely to reshape curve dynamics.

3 days ago - Other key themes include the blurring lines between retail channels and advertising, China’s technology-driven growth resurgence, productivity-driven margin improvements, and the expansion of alternative investments including private credit and cryptocurrency markets. Goldman also highlights the evolving military technology landscape, advancements in humanoid robots and self-driving vehicles, nuclear power’s resurgence amid growing energy demands, and heightened policy uncertainty surrounding Federal Reserve leadership and monetary policy decisions.

3 weeks ago - Goldman Sachs targets the S&P 500 to reach 7,600 in 2026.

2 weeks ago - The cornerstone of Goldman Sachs' 2026 thesis is a projected real GDP growth rate of 2.6%, a figure that sits well above the broader market consensus of 2.0%. Jan Hatzius attributes this outperformance to a "front-loaded" economic boost in the ...

2 weeks ago - The US-China AI and geopolitical ... cyclical macro base case of sturdy global GDP growth and 50 basis points of Fed rate cuts in 2026 is again supportive of top-down commodity returns....

Furthermore, we see underappreciated ... labor market disruptions, increased China goods supply, and our benign oil price view (itself reflecting our expectation for 2026 oversupply). As with inflation, we expect downward convergence in DM policy rates as three of the high-side outliers among DM central banks—the Fed, the BoE, and Norges Bank—are likely to lower rates further in 2026 (Exhibit 16). Source: Haver Analytics, Goldman Sachs Global Investment ...

3 weeks ago - "At the sector level, we expect the 2026 acceleration in economic growth will boost EPS growth most in cyclical sectors including Industrials, Materials, and Consumer Discretionary," Goldman's analysts wrote in a Thursday report.

As of October 12, 2025. (Right) OECD, Reuters. As of March 20, 2025. We believe the labor market holds the key to the pace and scale of Fed easing into 2026, so long as inflation remains anchored.

2 weeks ago - Our economists expect core inflation to moderate and policy rates to decline in developed markets in 2026. The global economy is forecast to generate “sturdy” growth in 2026, according to Goldman Sachs Research.

2 weeks ago - Goldman Sachs projects double-digit earnings growth. Deutsche Bank has a target of 8,000 for the S&P 500. But look closer. These forecasts assume strong profit growth, stable inflation, and rate cuts starting in mid-2026, which is a very tight ...

2 weeks ago - Goldman Sachs projects double-digit earnings growth. Deutsche Bank has a target of 8,000 for the S&P 500. But look closer. These forecasts assume strong profit growth, stable inflation, and rate cuts starting in mid-2026, which is a very tight ...