Overview
- Goldman told clients the late-March slide eased crowded bets and lowered expectations, leaving stocks better positioned heading into April.
- Following Monday’s relief rally, the S&P 500 closed at 6,528.52, up 2.91% yet still 4.8% below its January 2 level, helped by Iran de-escalation hopes, softer oil, and a tech rebound.
- With positioning reset, Goldman is watching Q1 reports from JPMorgan, Bank of America, TSMC, Netflix, and UnitedHealth, saying CEO guidance and margin comments will matter most.
- The firm forecasts roughly 12% S&P 500 earnings growth for 2026 and expects no recession or runaway inflation for the rest of the year.
- Goldman highlighted Smurfit Westrock as a Buy with a $49 target, about 23% upside, citing its heavy U.S. exposure and potential tariff shelter from imports.