The October selloff in U.S. stocks has left the market “oversold,” wrote Goldman chief U.S. equity strategist David Kostin in a note to clients. What’s more, help is on the way in the form of corporate buybacks, he wrote.

“The recent sell-off has priced too sharp of a near-term growth slowdown,” Kostin’s note read. “We expect continued economic and earnings growth will support a rebound in the S&P 500.”

Stocks have tumbled this month on concern about rising interest rates, which not only make borrowing more expensive for companies, but also make bonds more competitive investments to stocks. The benchmark 10-year treasury yield has risen to 3.076% Tuesday from 1.321% in July 2016.

In addition to the S&P 500’s 9.7% decline, the Dow Jones Industrial Average has fallen 8.9% and the Nasdaq Composite is down 12.1% since Oct. 3.

Investors are also worried about the impact of a trade war between the U.S. and China, which showed signs of escalating even further Monday on reports that President Trump may impose a new round of tariffs on all remaining Chinese imports if trade talks next month between the U.S. and China don’t ease the trade war.

Kostin acknowledged that there are concerns about the U.S. economy in the next few years, but not enough to warrant such an abrupt decline in stock prices. He forecast the S&P 500 would close the year at 2850, an 8% gain from the index’s close on Monday.

One traditional pillar of support for stocks may have been missing for much of this month. Goldman noted that a “blackout” period during which companies avoid share repurchases in the two weeks before reporting earnings coincided with the selloff. Kostin said that nearly half of S&P 500 companies are out of those blackout phases, which could lead to $170 billion in buybacks in the next month.