Goldman Sachs(US:GS) Ge Long Hui A P P·2025-10-25 13:26Core Viewpoint - The U.S. stock market is facing an increased risk of a pullback, as indicated by Goldman Sachs, which suggests that the risk appetite has dropped to near neutral levels, significantly lower than the summer's supportive state for the market [1] Group 1: Market Conditions - All three major U.S. stock indices reached new highs on Friday, but Goldman Sachs warns of rising pullback risks [1] - The likelihood of a market sell-off is higher than the potential for significant upward movement, prompting a recommendation for investors to increase hedging tools against potential downturns [1] Group 2: Global Exposure and Implications - The International Monetary Fund (IMF) highlights that global exposure to U.S. stocks is at a record level, suggesting that a correction in the U.S. market could have severe consequences [1] - If the U.S. stock market experiences a downturn comparable to the internet bubble burst, American households could face a loss of over $20 trillion (approximately 156 trillion HKD) in wealth [1]