Goldman Sachs raised its three-month view on global stocks to overweight from neutral, while BlackRock closed its long-held U.S. equity overweight to neutral to fund an upgrade in U.S. Treasuries. Both firms kept stocks at least neutral, and both now see bonds paying again, with BlackRock moving short-term Treasuries to overweight and Goldman moving bonds to overweight over 12 months. Goldman expects third-quarter S&P 500 profits to beat the roughly 25% growth Bloomberg Intelligence forecasts, and names higher rates, energy prices and the midterm elections as key risks. The SPDR S&P 500 ETF (SPY) closed at $778.05 on October 13, just under its 52-week high of $781.62, and is up 14.09% this year. The article notes that NVIDIA made up 7.58% of SPY as of March, so the index depends heavily on AI capital spending.
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