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Goldman says watch out for more drawdowns, but the risk of a bear market is still low

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'With elevated equity valuations, mixed macro momentum and rising policy uncertainty, there is the risk of more equity drawdowns,' Goldman Sachs warned.

For investors who just weathered a bout of summer turbulence, Goldman Sachs said expect more patchiness in stocks, but believes bull market will remain intact. "With elevated equity valuations, mixed macro momentum and rising policy uncertainty, there is the risk of more equity drawdowns," Christian Mueller-Glissmann, Goldman's head of asset allocation research, said in a Monday note to clients.

Investors are also grappling with the uncertainty of the Federal Reserve's interest rate policy path. Markets have been pricing in a 73% possibility of a quarter-point rate cut next week, with a one-in-four chance of an even larger 50-basis-point move, according to the CME Group's FedWatch Tool . What's more, the U.S. presidential election in eight weeks presents still more potential risk for the financial markets.

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