Goldman Sachs strategist Tony Pasquariello published a report on Monday, October 12, arguing that U.S. equity market breadth is "not as bad as outsiders describe," but also warning that several indicators are at their worst levels since the dot-com bubble. The report noted that the median S&P 500 stock is down 15% from its 52-week high, the worst reading since the dot-com bubble. Additionally, the projected net supply of U.S. equities in 2027 could reach approximately $2.3 trillion, the highest since the dot-com era in 2000, potentially overwhelming corporate buybacks. The report also mentioned that long positions in U.S. equities are highly concentrated in the "Magnificent Seven," accounting for about 22% of Goldman Sachs' prime brokerage exposure, and that consumer confidence is at its second-lowest reading since 1952, at 46.3. While Pasquariello is "tactically bullish," he believes 2027 "will be complicated."