Goldman Sachs Just Did the Opposite of BlackRock on Stocks

Goldman Sachs and BlackRock issued opposite stock recommendations on Oct. 12, but both messages pointed in a similar direction when it came to broader portfolio positioning. Goldman raised its three-month global stocks view to overweight from neutral (matching its 12-month overweight), while BlackRock closed its long-held U.S. equity overweight to neutral to fund an upgrade in U.S. Treasuries. The SPDR S&P 500 ETF closed Oct. 13 at $778.05, just below its 52-week high of $781.62. Goldman’s thesis hinges on earnings still being supportive, with expectations for third-quarter S&P 500 profits to rise about 25% and potentially beat forecasts. BlackRock’s shift reflects improved relative value in Treasuries, while maintaining neutral exposure to U.S. equities.