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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.

36 reports available

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.

Arxis Company Analysis and Buy Initiation

Goldman Sachs & Co. LLC·May 11, 2026

Goldman Sachs initiates coverage on Arxis (ARXS) with a Buy rating and $53 price target, viewing it as a premier M&A compounder in the aerospace and defense sector with a unique exposure to defense and OE markets.

Earnings Recap May 22 2026

Goldman Sachs & Co. LLC·May 22, 2026

This report recaps several major earnings results for May 22, 2026, highlighting significant beats from Ross Stores and Workday, while noting the collapse of a potential Estée Lauder/Puig merger.

Earnings Recap

Goldman Sachs & Co. LLC·May 21, 2026

Goldman Sachs' earnings recap for May 20, 2026, highlights strong beats and guidance raises from Toll Brothers, Keysight Technologies, Target, and Analog Devices.

Weekend Prep

Goldman Sachs & Co. LLC·May 26, 2026

Energy Natural Resources and Utilities Preview

Goldman Sachs & Co. LLC·May 14, 2026

Futures Global Equity CTA Market Update

Goldman Sachs & Co. LLC·May 11, 2026

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