The S&P 500 is on course to register its worst quarter since the second three months of 2022. And its likely to get worse, reckon Goldman Sachs. In a new note dated Sunday, a team of Goldman equity strategists led by David Kostin cut their S&P 500 forecast over the next three months from no change to a 5% fall and a target of roughly 5,

Goldman Sachs Group Inc. strategists cut their S&P 500 target for a second time this month, citing a higher recession risk and tariff-related uncertainty.

Goldman Sachs economists hiked their odds of a recession over the next year from 20% to 35% in a downbeat note to clients Sunday, raising their forecasts for inflation and unemployment and cutting their economic growth prediction;

But with the abrupt reversal of the enthusiasm that greeted Donald Trump’s return to the White House, talk of hard times is now dominating the daily economic discourse.

The team at Morgan Stanley forecasts Wall Street to lose increasing amounts of confidence unless the administration “clarifies the pathway forward” for its trade agenda. That lack of clarity has weighed on equities.