Chief US equity strategist David Kostin discusses how tariff uncertainty is impacting US equities on CNBC

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.