Weekly Market Monitor

Chart of the Week Notes: Source: Bloomberg and Goldman Sachs Asset Management. As of July 9, 2025. Chart shows average forward price returns of the S&P 500 following an all-time index high being reached versus unconditional returns over 1 year, 3 year, and 5 year periods. Analysis represents S&P 500 price data from 1950 to 2025. Unconditional returns refer to the average return of the index beginning on any trading day regardless of whether or not an all-time high was reached. 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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Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of principal may occur.

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