The S&P 500 Index will end 2022 about 1% lower as commodity prices surge and the outlook for global economic growth weakens amid the conflict in Ukraine, Goldman Sachs said.

Goldman economists in a note on Friday trimmed their year-end target for the benchmark index to 4,700 from 4,900, which would have implied a nearly 3% rise in 2022. Goldman's target still implies a nearly 12% jump for the S&P from current levels.

The S&P 500 had climbed 27% last year and 16.3% in 2020.

Commodity and energy prices have skyrocketed after Russia's invasion of Ukraine last month, worsening inflationary pressures for businesses around the world.

Goldman also cut the S&P 500's 2022 earnings per share estimate to $221 from $226, and to $233 from $240 for 2023.