Investment bank Goldman Sachs (GS) has become the first Wall Street firm to lower its year-end target on the benchmark S&P 500 index as the

Artificial intelligence stocks were stock market darlings in 2024. Investors clamored to add AI stocks to portfolios alongside a tidal wave of investment to train and operate AI chatbots and agentic AI software solutions.

Goldman Sachs is gearing up for its annual workforce reduction, with plans to trim between 3% and 5% of its employees, marking a shift in timing for the firm's regular personnel cuts. Unlike previous years, when these layoffs typically occurred in the second half of the year, this round is expected to take place in the spring.