Despite a positive start to the fourth quarter, households could sell $100 billion worth of equities next year, according to Goldman Sachs.
Higher interest rates coupled with slower economic growth will deepen the selloff in U.S. stocks, the note said. Goldman sees GDP growth slowing from 1.6% in 2022 to 0.9% in 2023, and the unemployment rate rising from 3.6% to 4%. In September, Goldman slashed its year-end target for the S&P 500 to 3,600. At the time of writing, the S&P500 index was at 3,696.37, up more than 3% on the day.
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