Key Takeaways Goldman Sachs analysts have cut their projection for S&P 500 growth this year.They cited uncertainty around Trump's tariffs and other economic growth factors as reasons for the recent market sell-off.

A nearly 10% fall in the S&P 500 (^GSPC) has prompted Wall Street strategists to revaluate their bullish views headed into 2025. And late Tuesday night, Goldman Sachs chief US equity strategist David Kostin became the first big name on the Street to lower their year-end price target for the S&P 500 following this drop,

Goldman's chief US equity strategist lowered his year-end price target for the S&P 500, but said there's a path to recovery for stocks.

Goldman Sachs has trimmed its 2025-end target for the S&P 500 Index to 6,200 from 6,500, citing increased policy uncertainty, particularly on tariffs, and worries about the economic growth outlook.

The Magnificent Seven — the group comprised of tech stocks Nvidia (NVDA), Alphabet (GOOG, GOOGL), Tesla (TSLA), Microsoft (MSFT), Amazon (AMZN), Meta Platforms (META), and Apple (AAPL) — has been relabeled as the "Maleficent" Seven by Goldman Sachs.

Employees likely to be laid off in annual culling were given hints in the form of small bonuses.

Goldman Sachs is gearing up for its annual workforce reduction, with plans to trim between 3% and 5% of its employees, marking a shift in timing for the firm's regular personnel cuts. Unlike previous years, when these layoffs typically occurred in the second half of the year, this round is expected to take place in the spring.

Goldman Sachs is the latest economic forecasting team to downgrade its outlook as Trump's tariffs are expected to weigh on growth and boost inflation.