It’s been tough for Wall Street strategists to hold their nerve in the face of the ever-changing tariff policy.

A nearly 10% fall in the S&P 500 (^GSPC) has prompted Wall Street strategists to revaluate their bullish views headed into 2025. And late Tuesday night, Goldman Sachs chief US equity strategist David Kostin became the first big name on the Street to lower their year-end price target for the S&P 500 following this drop,

Goldman Sachs has trimmed its 2025 year-end target for the S&P 500 Index to 6,200 from 6,500 in a note dated March 11, citing policy uncertainty largely related to tariffs and concerns about the economic growth outlook.

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Goldman Sachs on Monday downgraded its 2025 projection for U.S. economic growth to 1.7% from 2.4%, citing its outlook on the Trump administration's trade policy for the cut.

Goldman Sachs is the latest economic forecasting team to downgrade its outlook as Trump's tariffs are expected to weigh on growth and boost inflation.