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Goldman Sachs research indicates a market characterized by stretched sentiment and "unwindy" price action as the S&P 500 grapples with rising rates and a significant momentum factor drawdown. Firm data highlights that while global equity sentiment remains bullish, risk appetite has reached the 99th percentile, with GS Prime Brokerage gross leverage hitting a five-year high and CTAs holding a $95 billion long position. A notable rotation is occurring under the surface, specifically from Semiconductors into Software following Computex commentary, alongside a slight buy skew in the Energy sector from both hedge funds and long-only investors. Macro headwinds are prominent as the US 10-year yield reached 4.67%, a 2-standard deviation move that has intensified the negative correlation between equities and bond yields amid poor liquidity. Within the consumer space, earnings results have been largely positive, highlighted by Target's 5.6% comparable sales beat and CAVA's robust 9.7% growth. Despite these pockets of strength and robust corporate buyback activity, declining market breadth and bearish derivative flows signal potential near-term headwinds for broader indices.

42 reports available

US Equities Color

Goldman Sachs & Co. LLC·Jul 7, 2026

US equity markets finished lower on July 7, 2026, pressured by sell-offs in the global AI sector and semiconductor stocks. Despite the index declines, underlying breadth remained healthy with 283 S&P names closing in green.

US Equities: The Index vs. Single Stocks

Goldman Sachs & Co. LLC·Jun 1, 2026

The S&P 500 continues its smooth rally to new highs, yet beneath the surface, factor volatility and hedge fund leverage are at multi-year extremes. Investors are increasingly favoring upside convexity over downside protection, leaving the market vulnerable to a shift from dispersion to macro correlation.

Month-End Perspective

Goldman Sachs & Co. LLC·May 27, 2026

Goldman Sachs forecasts $14 billion in US equity selling from pensions for month-end rebalancing following 4.8% equity outperformance over bonds. Volatility markets show extreme divergence between single-stock and index levels.

Share Repurchase Weekly Recap

Goldman Sachs & Co. LLC·May 26, 2026

Goldman Sachs' buyback desk reported a 40% week-over-week increase in activity, driven by strong demand in the Tech and Financial sectors. The week saw $95 billion in new repurchase authorizations, led by a massive $80 billion program from NVIDIA.

Weekend Prep

Goldman Sachs & Co. LLC·May 26, 2026

Goldman Sachs reviews market positioning following Memorial Day weekend, noting that the AI trade remains intact as geopolitical risks fade and implied correlations hit all-time lows.

Equity Positioning and Key Levels

Goldman Sachs & Co. LLC·May 20, 2026

A comprehensive review of Goldman Sachs' internal positioning data showing heavy equity exposure across CTAs, hedge funds (at record leverage), and corporate buybacks.

Earnings Recap May 22 2026

Goldman Sachs & Co. LLC·May 22, 2026

Earnings Recap

Goldman Sachs & Co. LLC·May 21, 2026

Energy Natural Resources and Utilities Preview

Goldman Sachs & Co. LLC·May 14, 2026

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