Goldman Sachs warned on Thursday that the stock market's sharp decline may continue, with the risk of further downside surpassing 35%, despite President Trump's decision to halt most tariffs for 90 days. The bank highlighted that the probability of a stock market correction has been high since January. The pause on tariffs is unlikely to prevent a deeper market correction, as stocks were already retracting gains from the previous day's session. According to Goldman Sachs, the equity drawdown risk model suggests a strong likelihood of further market declines, with downside risks remaining elevated since the start of the year. Factors contributing to the increased risk include declining growth indicators and market volatility, with uncertainty surrounding economic policies still prevailing. The bank emphasized that the risk of further market corrections remains high in the near term, even as the size of the drawdown has not lessened the immediate risk.