Goldman Sachs Exchanges
Equity risks and alts opportunities
May 13, 2025
David Kostin, Chief U.S. Equity Strategist at Goldman Sachs Research, and Padi Raphael, Global Co-Head of Third-Party Wealth Management at Goldman Sachs Asset Management, dive into market dynamics post-tariff announcements. They explore how US stocks are recovering, the impact of tariffs on second-quarter earnings, and contrasting investor sentiments. The discussion highlights the balance between market optimism and economic risks, emphasizing diversification and emerging trends in private markets for savvy investors.
19:11
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Quick takeaways
- U.S. stocks rebounded due to delayed tariff implementations and strong first-quarter earnings, boosting investor confidence despite uncertainties.
- Investors are increasingly interested in private markets and global diversification to capitalize on volatility and enhance risk-adjusted returns.
Deep dives
Market Recovery and Tariff Impacts
U.S. stocks have rebounded to pre-Liberation Day levels despite ongoing uncertainties surrounding tariff policies. After President Trump's tariff announcement led to market concerns and recession fears, a subsequent delay in those tariffs provided confidence to investors, resulting in a market rally. Enhanced first-quarter earnings reports, which surpassed pre-announcement expectations, have also contributed to this positive sentiment, suggesting that the economy might avoid a recession. However, the focus remains on future tariff implications, as upcoming earnings reports in the second quarter may reveal the real impacts of the tariffs implemented since April.
