[Goldman Sachs: The S&P 500 Index is expected to reach 8,700 points by the end of 2027 and is optimistic about the U.S. and Japanese stock markets] On November 13, Goldman Sachs strategists believe that despite the slowdown in earnings growth, as valuations fall, bond yields, oil prices, and inflation tend to ease, the bull market in U.S. stocks will continue until 2027. The team led by Peter Oppenheimer predicts that the S&P 500 index will rise to 8,700 points in the next 12 months, corresponding to a price return rate of 14% and a total return rate of 16%; at the same time, earnings growth is expected to slow down from 36% in 2026 to 11% in 2027. The team is optimistic about growth stocks, selected defensive sectors, and targets that benefit from falling oil prices and bond yields. After a sharp correction in the valuation of the technology sector, it is optimistic about large U.S. cloud vendors. However, it also reminds that the slowdown in AI capital expenditure growth, fluctuations in bond markets and oil prices, and market concentration issues may intensify market volatility. The team gives an overweight rating to the Japanese stock market, with a target of 4,500 points for the Topix Index, corresponding to a price return of 15% and a total return of 17%. Earnings per share growth is expected to be 9% in 2027.