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S&P 500 Plunges 2.6% on Friday; Goldman Sachs Executive Calls Selloff a Healthy Correction and Buying Opportunity

GateNews
IndicesStocks
According to Goldman Sachs partner John Flood, the S&P 500's 2.6% decline on Friday (June 5) represents a healthy correction and a buying opportunity. The benchmark index ended a nine-week winning streak as the Philadelphia Semiconductor Index plummeted over 10% in a single day, its worst performance since March 2020. Flood told Bloomberg the pullback was driven by profit-taking and increased equity supply expectations, not a trend reversal. He believes the S&P 500 has a "clear path" to reach 8,000 points this year, noting that such 2% corrections have historically rewarded buyers. Goldman's internal data shows investors remain cautious despite the index reaching 24 record highs this year, with adequate dry powder and continued retail buying support.
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