Macroeconomics

Weekly Market Monitor

26 September 2025 | 3 minute read
Stay connected with our Weekly Market Monitor, featuring a thematic chart, key market developments, and valuable investment insights across asset classes each week.

Chart of the Week: Reasonably Optimistic

As the S&P 500 continues to notch record highs, valuation concerns in US equity markets have renewed, with many investors wondering whether long-term earnings growth expectations are overly optimistic. Market-implied long-term S&P 500 earnings growth is currently 11%, above its historical average of 9%. However, it is well below the levels reached in the Dot Com Bubble and 2021, likely suggesting that while expectations are elevated, markets do not appear to be pricing in significant AI gains over the longer term. We think earnings will continue to support equity upside. 

Chart of the Week

Source: Goldman Sachs Global Investment Research and Goldman Sachs Asset Management. As of September 4, 2025. Chart shows the market-implied long-term realized average annual S&P 500 earnings per share expectations, as calculated by Goldman Sachs Global Investment Research. “Long-term” refers to roughly 3-5 years. The economic and market forecasts presented herein are for informational purposes as of the date of this presentation. There can be no assurance that the forecasts will be achieved. Please see additional disclosures at the end of this presentation. For Illustrative Purposes Only. 

Download the full document, which includes the chart of the week and insights on market developments. On pages 3 and 4, we further recap equity sector, size and style returns, global index returns, as well as rates and spread movements and a monthly snapshot of global equity valuations.

Weekly Market Monitor
The Market Monitor features a thematic chart and highlights key economic events and data releases driving the past week’s market moves.
weekly market monitor
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