Goldman Sachs Group Inc. has effectively bowed to pressure from the continuing rally in U.S. stocks and abandoned its call for another steep sell-off.

Strategists led by David Kostin have rolled back their prediction that the S&P 500 would slump to the 2,400 level — over 20% below Friday’s 3,044 close — and now see downside risks capped at 2,750. The U.S. equity benchmark could even rally further to 3,200, they wrote in a May 29 note.

“The powerful rebound means our previous three-month target of 2,400 is unlikely to be realized,” the strategists wrote. “Monetary and fiscal policy support limit likely downside to roughly 10%. Investor positioning has oscillated between neutral and low and is a possible 5% upside catalyst.”

The shift came just after JPMorgan Chase & Co.’s strategists shifted in the other direction — reining in their bullish outlook. JPMorgan’s Marko Kolanovic warned about rising U.S.-China tensions in a note May 28.

Goldman’s strategists maintained their year-end target of 3,000 for the benchmark U.S. stock gauge.

Goldman continues to argue that short-term returns are skewed to the downside — “or neutral at best” — thanks to the risk of an economic, earnings, trade or political “hiccup” to …

Good morning.

For the last three months, I have repeatedly asked, and have been asked, the same question: Will the pandemic accelerate the business community’s move toward stakeholder capitalism? Or slow it down as companies focus on short-term financial pressures?

The answer wasn’t obvious three months ago. But with each passing week, it is becoming more so. Most of the forces that have led to the stakeholder movement have become stronger during the pandemic. Among them:

1. The shift toward talent as the most important source of corporate value has continued. This trend could have been weakened by historic levels of unemployment, which have made labor plentiful. But plentiful labor is not the same as plentiful talent, and the pandemic seems to be leading an increasing number of talent-forward companies to take an “employees first” approach.

2. Demands for systemic change have intensified. The pandemic exposed flaws in our hyper-efficient approach to global markets, and it is deepening the divisions—both within countries and between them—that undercut support for the current economic system. (See Thomas Friedman’s interesting take on this here.) Business leaders need to respond, or risk losing their license to operate.

3. The dearth of leadership is ever …

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Law enforcement officers take position during a protest against the death in Minneapolis police custody of George Floyd, in Minneapolis, Minnesota, U.S., May 30, 2020. Picture taken May 30, 2020.

Lucas Jackson | Reuters

Protesters and police clashed in cities across America as demonstrations in response to the killing of George Floyd, an unarmed black man, at the hands of Minneapolis police descended into violence again. Mayors of major cities imposed curfews and governors mobilized state National Guard in an effort to keep the peace overnight to little avail. Derek Chauvin, the officer filmed kneeling on Floyd’s neck, was arrested and charged with murder and manslaughter Friday. 

This is CNBC’s live blog covering all the latest news on the demonstrations gripping the U.S. This blog will be updated throughout the day as the news breaks. 

At least 30 business and buildings damaged in Nashville

5:25 a.m. ET — In Nashville, 28 protesters were arrested Saturday night after the 10 p.m. curfew, according to the Nashville Police Department.

Governor Bill Lee authorized the National Guard to mobilize in response to protests, which he said took a “violent, unlawful turn.”

Protesters damaged at least 30 businesses and buildings in the city, including

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Hugh Sandler used to commute two hours a day between Grand Central Terminal and his home in the New York City suburbs. Like thousands of other attorneys who logged long hours in Manhattan law firms, Sandler regarded coming into the office as an essential part of his job. Then came March, which marked the first time he and many other lawyers worked full days at home. For Sandler, it was a major adjustment—but also a surprisingly pleasant one.

“My experience has been very positive. I have a 7-month-old and being at home at this time has created a lot of additional benefits, including that I can be around for him,” he says.

Other lawyers—many working from home for the first time in their careers—described a variety of emotions, ranging from relief to something many haven’t felt since college: sheer, unadulterated delight. “Best three months of my life,” said one Chicago lawyer who has gained two hours a day of time with his family since giving up his commute.

Their experience reflects how the pandemic has shaken up the culture of corporate law firms. That culture, known in the legal world as “Big Law,” is characterized by long hours that obliged …