Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Denver news in your inbox
Catch up on the most important stories affecting your hometown with Axios Denver
Des Moines news in your inbox
Catch up on the most important stories affecting your hometown with Axios Des Moines
Minneapolis-St. Paul news in your inbox
Catch up on the most important stories affecting your hometown with Axios Twin Cities
Tampa Bay news in your inbox
Catch up on the most important stories affecting your hometown with Axios Tampa Bay
Charlotte news in your inbox
Catch up on the most important stories affecting your hometown with Axios Charlotte
Photo: Michael Kovac/Getty Images
Goldman Sachs CEO David Solomon is preparing for more stock market volatility, particularly in the near term, and currently sees some "excess in markets," he told Axios in a phone call this week.
Why it matters: Solomon is the latest in a long list of high-profile CEOs, fund managers and investment strategists to warn that stock prices may be running away from reality.
What he's saying: "The markets have been quite ebullient as of late. You know, I think there's some excess in markets."
- "I think there's a lot of retail participation in markets that's certainly making markets a little bit more ebullient. I'd be cautious about some of that."
Driving the news: U.S. equity indexes bounced back strongly from Monday's selloff and are again trading near all-time highs, despite coronavirus cases and deaths in the U.S. and around the world rising to new record highs.
By the numbers: Analysts at Bank of America Research noted Tuesday that S&P 500 earnings are estimated to have fallen by 15% but the index finished 2020 up 18.4% and set 33 record highs during the year.
- Stocks have risen 56% in two years.
The big picture: "I do think the recovery just won't be a straight line, and you know, I think the markets are pricing in, you know, just everything working perfectly as we come out of this, and I'm sure there'll be bumps along the way."