A nearly 10% fall in the S&P 500 (^GSPC) has prompted Wall Street strategists to revaluate their bullish views headed into 2025. And late Tuesday night, Goldman Sachs chief US equity strategist David Kostin became the first big name on the Street to lower their year-end price target for the S&P 500 following this drop,

Goldman Sachs has trimmed its 2025-end target for the S&P 500 Index to 6,200 from 6,500, citing increased policy uncertainty, particularly on tariffs, and worries about the economic growth outlook.

Goldman Sachs Group Inc. strategists lowered their target for the US equity benchmark, and lifted their view on European earnings, in a further sign of growing skepticism on the outlook for the world’s largest economy.