Goldman Sachs & Co. LLC
June 1, 2026
US Equities Color: Under the Hood
Daily UpdateEquitiesDerivativesCommoditiesInformation TechnologyConsumer Discretionary
US equities finished mixed as software saw historic outperformance and M&A activity surged in the consumer sector. Derivatives markets signaled technical extremes with the lowest S&P put-call skew in 24 years.
Key Takeaways
- 1.Software has experienced extreme outperformance relative to the S&P 500, marking its largest two-day stretch of outperformance in over 25 years.
- 2.Significant M&A activity in the consumer and housing sectors, highlighted by Berkshire Hathaway's $7B acquisition of Taylor Morrison Home Corp (TMHC).
- 3.Equity derivatives show a persistent positive spot/volatility correlation, with S&P put-call skew reaching 24-year lows.
Table of Contents
- Software
- Consumer
- Derivs
- Notice to Australian Investors
- Additional Disclaimers
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Authors
Ariana ContessaMike Washington
Securities
SPXNDXTMHCIGVMGMMSFT
Themes
Factor Volatility vs Index StabilitySoftware OutperformanceConsumer M&A Renaissance
Regions
North AmericaMiddle EastUnited States