We present a systematic stability analysis for the two-dimensional Hubbard model, which is based on a new renormalization group method for interacting Fermi systems. The flow of effective interactions and susceptibilities confirms the expected existence of a d-wave pairing instability driven by antiferromagnetic spin fluctuations. More unexpectedly, we find that strong forward scattering interactions develop which may lead to a Pomeranchuk instability breaking the tetragonal symmetry of the Fermi surface.