- Goldman's global portfolio strategy team gets tactically bearish for the first time in awhile, downgrading U.S. equities to underweight vs. other stock markets.
- "Over 3 months our conviction in equities is now much lower as the run-up in prices leaves less room for unexpected events. Still, we remain overweight (global equities), as near-term risks have also declined."
- "The U.S. market's high valuations and margins leaves it with less room for performance than other markets, in our view."
- Goldman's' U.S. strategists have called the S&P 500's valuation "lofty by almost any measure ... we conclude that further P/E expansion will be difficult to achieve."
- S&P 500 ETFs: SPY, IVE, SH, SSO, SDS, IVV, SPXU, UPRO, VOO, RSP, RWL, EPS, IVW, SPYG, RPG, RPV, SPYV, BXUB, VOOG, VOOV, TRND, BXUC, SFLA, FTA, BXDB