The strategist expects the S&P 500 to end next year around the 6,500 level.
The S&P 500 has gained about 20% this year after surging nearly 25% in 2023.
Treasury yields fell as polling data prompted some investors to pare the so-called Trump trades.
The gold trade is part of a wider investor strategy to position portfolios against a possible win for Donald Trump.
The U.S. presidential election could “make or break sub-sectors” of the stock market, the bank's analysts said.
Investors poured a record $39.1 billion into Chinese equity funds in the week ended Oct. 9, the BofA team said.
A split Congress would mitigate most of the risks with either candidate, the bank's strategists said.
Goldman strategists estimate that profits could shift 5% to 10% depending on how policies are enacted.
The sector's profits don't justify a long-term rally, according to the firm's strategists.
The rally in U.S. stocks has slowed as economic growth shows signs of stumbling while inflation stays sticky.
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