Goldman Sachs revisits gold price forecast for 2026

Tuesday, November 18, 2025

We'd say that today is just another day, but it's feeling like deja vu. U.S. equities are trending lower, with the Dow (-1.36%), Nasdaq (-1.49%), and S&P 500 (-1.07%) falling. The small cap-focused Russell 2000 (+0.07%) is having a lucky afternoon.

The declines come despite exceptional earnings. Per FactSet, 82% of S&P 500 members that have reported this earnings season have posted an EPS surprise, while 76% reported a revenue surprise. And while negative outlooks have outstripped positive ones, earnings growth is seen coming in even hotter than first expected.

Tuesday Reading:.

• Your Medigap plan could be costing you more than you realize
• Costco sees troubling trend with its members
• $1 billion bet: how Nokia stake fits Nvidia’s AI roadmap
• USPS delivers bad news for customers ahead of holiday season
• Elon Musk takes a shot a new $6.2 billion AI rival
• Target’s update fast approaches; what you need to know

But investors are anxious. The AI boom doesn't seem to be, well, booming as it used to, the December interest-rate cut isn't a sure thing, and many of the pockets of the market popular with retail investors seem to be facing an uphill battle. Crypto is getting hammered, new listings have been falling, and more speculative investments are facing new headaches.

Adding to the skittishness, supposedly recession-proof sectors like energy, health care and utilities have been outperforming the broader market in recent days -- capturing the essence of the current market moment. We'll have to see whether the market can break out of this funk; factors might include Wednesday's Nvidia earnings and -- maybe? -- an unexpected end to the emergency use tariffs. It might need a number of factors, seeing the fear currently taking hold in the market.

TurboTax Via TheStreet

• How a small business loan can affect your taxes

• A guide to Social Security tax

• How to claim a boyfriend/girlfriend as a dependent on income taxes

   

  -- Noah Weidner, Markets Reporter

Goldman Sachs revisits gold price forecast for 2026

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