After dropping steeply amid recession fears,
U.S. stocks are just about where they were heading into the April 2nd so-called Liberation Day when President Trump first announced surprisingly high tariffs on America's trading partners.
So what could be ahead and how should investors position their portfolios now?
I'm Alison Nathan, and this is Goldman Sachs Exchanges.
Today, I'm joined again by David Koston, our Chief U.S.
Equity Strategist in Goldman Sachs Research, and by Patti Raphael,
Global Co-Head of the Third-Party Wealth Management Business in Goldman Sachs Asset Management.
They both recently presented at the RIA Professional Investor Forum,
where they spoke to some of the largest independent investment advisors in the country.
David, Patti, thanks for joining us.
Thanks for inviting us.
Super delighted to be here.
Thanks, Alison.
So, David, stocks are still down here to date.
But as I just said, they are now back to pre-liberation day levels,
even though tariff policy and the impacts on the economy and companies are still very uncertain.
So what do you make of this recovery?
Alison,
the way I would characterize the performance of the equity market in the last month has been the great concern that shocked the market when the The president announced the tariffs in the so-called Liberation Day.
And the market quickly pivoted to the idea there's a really dire outcome.