Goldman Sachs(US:GS) Hua Er Jie Jian Wen·2026-01-08 15:57Group 1 - Goldman Sachs indicates that after a potential slowdown in the AI boom, "middle-class consumption" is expected to drive the bull market in US stocks by 2026 [1] - The focus should shift to companies benefiting from the expansion of middle-class consumption, particularly those selling "want-to-have" products such as luxury apparel retailers, home goods manufacturers, travel operators, and casinos [1] - The negative impacts of Trump's tariff policies are expected to fade, alongside a stabilizing labor market and tax refunds from previous legislation, which will boost consumer confidence and spending capacity [1] Group 2 - A structural rotation from growth stocks to value stocks is underway as AI-themed trading valuations reach historical highs, with funds moving from overheated tech sectors to value stocks linked to economic recovery and middle-class consumption [2] - Economists predict that the US economy will grow by 2.1% in 2026, driven by consumer spending, which is guiding funds towards value stocks that have lagged behind [2] - Stocks related to middle-income consumer spending are particularly attractive, with value stocks expected to outperform the market in early 2026 [2] Group 3 - Dick's Sporting Goods has emerged as an early beneficiary of the market's shift towards "middle-class consumption," with its stock price rising by 6.1% in the first four trading days of 2026, reversing a 13% decline from the previous year [2] - Goldman Sachs has included Dick's Sporting Goods in its favored "middle-class consumption" portfolio, which also includes Burlington Stores and Best Buy, and is optimistic about sectors like healthcare, materials, and essential consumer goods [3]