Markets were mixed on Wednesday even as the S&P 500 edged closer to a record high.
The S&P 500 rose 0.3 percent to close at its highest level since 21 July. It is now just 0.6 percent below its record high.
The MSCI Emerging Markets Index rose 0.8 percent, its fifth consecutive gain, but the STOXX Europe 600 fell 0.5 percent.
Commodities rose on Wednesday. West Texas Intermediate crude jumped 1.7 percent while silver soared 4 percent.
The continued rally in US stocks is not providing any assurance for Goldman Sachs though.
"With the S&P 500 close to all-time highs, stretched valuations and a lack of growth, drawdown risk appears elevated," warned Goldman Sachs Managing Director Christian Mueller-Glissmann.