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Goldman Sachs is the latest in a string of banks that have downgraded their outlooks on stocks in the past week. Bank of America Merrill Lynch warned about the potentialfor a worse-than-usual summer slump this year, while Citi equity strategist Tobias Levkovich said Friday that there were worrying signs in the market.

Goldman Sachs pointed to several factors that pose a threat to stocks at current price. It notes that the market is pricing in a very dovish outlook for U.S. rate hikes this year, even as comments this week from Fed policymakers suggests there could be as many as three rate hikes.

The investment bank also casts doubt on the current rally in emerging market assets. Any pullback could spook markets into the kind of selloff that was triggered last August, when big declines in China triggered a stampede out of stocks around the world.

“Until we see sustained signals of growth recovery, we do not feel comfortable taking equity risk, particularly as valuations are near peak levels,” the Goldman Sachs analysts wrote in their note.