David Kostin, chief US equity strategist at Goldman Sachs, joined CNBC to discuss his outlook for stocks. His team recently cut its S&P 500 3-month and 12-month return forecasts to -5% and +6% (previously +0% and +16%). Based on market prices at the end of last week, these suggest S&P 500 Index levels of roughly 5300 and 5900, respectively. The revised forecast is driven by the potential for slower economic growth and greater inflation due to higher-than-expected tariffs.
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