Goldman sees S&P 500 cash spending accelerating
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GOLDMAN SEES S&P 500 CASH SPENDING ACCELERATING
Goldman Sachs strategists are forecasting that cash spending by S&P 500 .SPX companies will accelerate from an 8% year-over-year increase in 2024 to an 11% increase in 2025, noting that "strong earnings growth will drive strong cash spending growth," according to a note out on Friday.
They expect the most cash to be used on capital expenditures, followed by buybacks.
"The highly cash flow generative mega-cap technology stocks continue to return large sums of cash to shareholders while also investing heavily in AI," they write.
"However, the top 10 S&P 500 spenders increased cash spending by 36% year/year in 1H 2024, while the other 490 stocks increased spending by a more modest 7%."
(Caroline Valetkevitch)
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