This quarter’s market environment was characterized by uncertainty around policy, rates, and geopolitics. Yet, equity markets continued to climb higher. Sofia Bonito, portfolio manager within Goldman Sachs’ Portfolio Management Group, discusses key factors that impacted the market over the quarter and the Wealth Management Investment Strategy Group’s outlook for the months ahead. Find Private Wealth Management’s latest Insights on the markets and investing here: https://pwm.gs.com/nam/en-us/insights/markets-and-investing?gsid=10643&cmp=PIA&chl=og&plt=yt&obj Date of recording: October 5, 2026 Disclosures: Past performance is not indicative of future result, which may vary. Returns may increase or decrease as a result of currency fluctuations. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Investment Strategy Group. The Investment Strategy Group, part of the Asset & Wealth Management business (“AWM”) of Goldman Sachs, focuses on asset allocation strategy formation and market analysis for GS Wealth Management. Forecasts expressed are based on material assumptions subject to change, and should not be interpreted as providing guarantees Any information that references ISG represents the views of ISG, is not financial research, and is not a product of GS Global Investment Research (“GIR”) or Goldman Sachs Asset Management and may vary significantly from views expressed by individual portfolio management teams within AWM, or other groups at Goldman Sachs. This material is intended for educational purposes only and is provided solely on the basis that it will not constitute investment advice and will not form a primary basis for any personal or plan’s investment decisions. While it is based on information believed to be reliable, no warranty is given as to its accuracy or completeness and it should not be relied upon as such. Goldman Sachs is not a fiduciary with respect to any person or plan by reason of providing the material herein, information and opinions expressed by individuals other than Goldman Sachs employees do not necessarily reflect the view of Goldman Sachs. This material may not, without Goldman Sachs’ prior written consent, be (i) copied, photocopied or duplicated in any form, by any means, or (ii) distributed to any person that is not an employee, officer, director, or authorized agent of the recipient. This material is not an offer or solicitation with respect to the purchase or sale of any security in any jurisdiction. Investing involves risk, including the potential loss of money invested. Past performance does not guarantee future results. Neither asset diversification or investment in a continuous or periodic investment plan guarantees a profit or protects against a loss. Information and opinions provided herein are as of the date of this material only and are subject to change without notice. © 2026 Goldman Sachs. All rights reserved.

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