Goldman Sachs Chief US Equity Strategist Ben Snider expects S&P 500 companies to report double-digit earnings growth starting next week, saying investors should not be anxious about the pace of earnings. Speaking on Bloomberg Open Interest, Snider said Goldman updated its forecast last week and that double-digit earnings growth should be expected again next year, arguing that a bubble would imply an earnings pop that he does not foresee. He noted that Goldman's positioning indicator is now at its lowest level since March, which he said reflects the anxieties he hears from investors every day. Snider added that cash balances have risen among mutual funds and net leverage has declined for hedge funds, while retail positioning is not depressed but has not seen the magnitude of inflows recorded earlier this year. He also said correlation across the market is extremely low by historical standards, and that the earnings tailwind remains the force driving stocks higher.
Goldman Sachs Group IncGoldman's chief US equity strategist forecasts double-digit S&P 500 earnings growth, a positive signal for the firm's equity outlook
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