Goldman Sachs: U.S. Stock Market Momentum Still Strong Despite Recent Selloff

According to Goldman Sachs, on July 18, the U.S. stock market's momentum remained strong despite a recent selloff in semiconductor shares and broader market weakness. The S&P 500 has risen 95% since the end of 2022, placing the current bull market in the top 10% of all bull markets since 1928. Goldman Sachs noted that "more negative news would be needed" to break the bullish momentum.

Recent trading days saw semiconductor stocks lose $1.5 trillion in market value after July 25, with Micron alone declining nearly $350 billion. The selloff was triggered by President Trump's announcement to restore blockade measures on Iranian ships in the Strait of Hormuz, which sparked broader market selling and raised concerns about geopolitical risks and their impact on Federal Reserve rate-cut decisions.