Goldman Sachs Says Earnings, Not Rate Shock, Will Keep Bull Market Intact

MacroDigital Finance
โดย Seeking Alpha·US·Read original
Summary · why it matters

Goldman Sachs strategists expect strong corporate earnings and healthy balance sheets to keep the bull market intact even as rising Treasury yields squeeze stock valuations. The 10-year Treasury yield surged to nearly 5% this week, its highest level since October 2023, while the 30-year yield climbed to 5.3%, a level not seen in almost 20 years, and Goldman economists expect the Federal Reserve to raise its benchmark rate by 25 basis points at its next meeting following a hotter-than-expected inflation report. Strategist Ben Snider attributed the rise in longer-term yields to higher oil prices, solid economic growth, heavy artificial intelligence investment and expectations for tighter Fed policy. The S&P 500's forward price-to-earnings ratio has declined to 19 from 22 at the beginning of the year, yet the index remains within 2% of its record high, and Goldman estimates roughly 75% to 80% of the S&P 500's present value comes from cash flows more than a decade into the future, making equities especially sensitive to the speed of the bond selloff. Home-construction shares have underperformed the equal-weighted S&P 500 by 16 percentage points since June, while financial stocks may benefit from higher rates, and announced U.S. merger volume has reached $1.4 trillion this year with global activity up 36% from a year earlier.

Impact on stocks 5

Financials▲ · 1 stocks
Goldman Sachs Group Inc
GS
± Mixedrelevance

Goldman strategists' market view is the article's subject, but no company-specific financial event for Goldman itself.

Artificial Intelligence▲ · 1 stocks
Others▲ · 3 stocks
© 2026 MarketDXNews