Goldman Clients Take More Cautious Posture After November Rout

Goldman Sachs Group Inc.’s clients are pulling back their bullish views on artificial intelligence and US stocks following last month’s slide, with fresh survey data showing expectations for the S&P 500 turned much more conservative heading into 2026.

Investors expect the benchmark index to end the coming year between 7,000 and 7,500, the bank’s poll of 782 institutional clients indicated. That’s a sharp retreat from late October, when many clients anticipated a jump in the gauge to 7,200 by New Year’s, according to Oscar Ostlund, global head of content strategy, market analytics and data science for Goldman’s Marquee platform.