Weekly Market Monitor

Chart of the Week Notes: Source: Bloomberg and Goldman Sachs Asset Management. As of August 14, 2025. Chart shows the proportion of S&P 500 stocks trading at losses of varying degrees at any point in the twelve months following an S&P 500 all-time high. The analysis considers all stocks that have been included in the index since 2014 and considers the dates of 303 all-time highs set by the index since 2015. “Direct indexing” refers to an investment strategy that allows investors to directly own the individual securities that constitute a market index, such as the S&P 500. Past performance does not guarantee future results, which may vary. For Illustrative Purposes Only.

Risk Considerations and Disclosures

References to indices, benchmarks or other measures of relative market performance over a specified period of time are provided for your information only and do not imply that the portfolio will achieve similar results. The index composition may not reflect the manner in which a portfolio is constructed. While an adviser seeks to design a portfolio which reflects appropriate risk and return features, portfolio characteristics may deviate from those of the benchmark.

Economic and market forecasts presented herein reflect a series of assumptions and judgments as of the date of this presentation and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only.

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