Stock Groups

S&P to end this year 1% lower amid Ukraine crisis

by Mike Robinson

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© Reuters. FILE PHOTO: The New York Inventory Alternate constructing is seen from Broad Road in Decrease Manhattan in New York, January 20, 2016. REUTERS/Mike Segar

(Reuters) – The will finish 2022 about 1% decrease as commodity costs surge and the outlook for international financial development weakens amid the battle in Ukraine, Goldman Sachs (NYSE:) stated.

Goldman economists in a notice on Friday trimmed their year-end goal for the benchmark index to 4,700 from 4,900, which might have implied a virtually 3% rise in 2022. Goldman’s goal nonetheless implies a virtually 12% bounce for the S&P from present ranges.

The S&P 500 had climbed 27% final yr and 16.3% in 2020.

Commodity and vitality costs have skyrocketed after Russia’s invasion of Ukraine final month, worsening inflationary pressures for companies all over the world.

Goldman additionally lower the S&P 500’s 2022 earnings per share estimate to $221 from $226, and to $233 from $240 for 2023.

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