CNBC tweeting the latest client note from Goldys

Goldman Sachs has today cut its year-end forecast for the S&P 500, citing a combination of the slower pace of economic activity in China and the U.S. and the fall in oil prices.

The U.S. investment bank cut its year-end price forecast for the S&P by 5% to 2,000. It had previously forecast the index to rise to 2,100 by the end of the year.

Goldman also lowered its 2015 earnings-per-share estimate by 4% to $109 for the S&P 500, from a previous forecast of $114.

"The impetus for these reductions is that our models now incorporate a slower pace of economic activity in the U.S. and China and a lower oil price than we had been previously assuming,"

The S&P yesterday closed on the back foot, down 2.6% at 1881 on one-month lows. We wait to see whether we have any positive reaction to the better European showing today