According to Goldman Sachs Group, now is not the time to buy stocks.
In a new note from Chief U.S. Equity Strategist David Kostin and his team, the firm says it expects there to be a pullback of as much as 10 percent in the S&P 500 before it makes a comeback to 2,100 later this year.
"Although investors appear complacent in the wake of Brexit, a maturing economic cycle with elevated valuations, decelerating buybacks, and growing political uncertainty provide the basis for potential market weakness in the second half," the team writes. "However, above-trend U.S. GDP growth, a cautious Fed, and an earnings recovery will return the S&P 500 to 2,100 by year-end, extending the flat market of the past two years."
