Goldman Sachs has trimmed its 2025-end target for the S&P 500 Index to 6,200 from 6,500, citing increased policy uncertainty, particularly on tariffs, and worries about the economic growth outlook.

It’s been tough for Wall Street strategists to hold their nerve in the face of the ever-changing tariff policy.

Goldman Sachs analysts have lowered their forecast for the S&P 500 this year following a broad sell-off to start this week amid uncertainty around the Trump administration's proposed tariffs and the economic outlook.