1. Goldman Sachs cuts S&P 500 end-2025 target to 6,200 vs 6,500.

Goldman Sachs lowers target for the US equity benchmark citing concerns around economic growth and the sharp recent decline in the ‘Magnificent 7’ stocks.

“Our revised estimates reflect the recently reduced GDP growth forecast of our US Economics team, a higher assumed tariff rate, and higher level of uncertainty that is typically associated with a greater equity risk premium,” strategists including David Kostin and Jenny Ma write in note dated March 11.

‘Magnificent 7’ have become the ‘Maleficent 7’ for the S&P 500 Index, they add.

Below: Eurostoxx600 versus S&P versus Mag7 year-to-date returns

2. Not all animals on the Mag7 farm are created equal.

Google/Alphabet/Waymo is attractive at a forward P/E of 18.6.

Tesla is “out of this chart” with a forward P/E of 90.

3. “Fast money” is checking out.

The tariff whiplash is leading to trader’s positioning being washed out.

Traders have been offloading stocks and are likely to continue to do so, according to market specialists at UBS and Goldman Sachs.

The next worry will be what asset managers (slow money) are doing. “Our conversations this week suggest that asset managers are still selling futures as they are concerned about (1) growth impact of tariff discussions, and (2) lack of monetary policy tailwinds,” says Goldman Sachs’s head of derivatives research John Marshall. “We continue to watch this flow carefully as asset allocation shifts within this cohort of investor tend to take time.”

4. Accelerating capex in electricity transmission and distribution networks.

5. Utilities have underperformed the Stoxx600 year-to-date.

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