- Don’t bet on a big market rally or a Fed pivot now, according to Ben Snider of Goldman Sachs.
- Snider, a senior strategist, says stocks still have more downside even without a recession.
- Snider says he thinks the S&P 500 will finish 2023 at 4,000, and recommends a cautious approach.
It says something about the state of markets that Ben Snider describes himself as pretty bullish, and thinks the S&P 500 will rise about 6% through the end of next year.
“We’re a lot more optimistic than what I hear from the average investor client,” says Snider, a senior strategist on Goldman Sachs’ US Portfolio Strategy macro team. While Snider and Goldman think the US will avoid a recession and that inflation will gradually decline, he warns investors not to get too hopeful too soon.
Snider has worked for Goldman since 2010. His team, which works closely with Chief US Equity Strategist David Kostin, handles forecasts for the S&P 500 and thematic investment recommendations for US stocks.