Goldman Sachs
March 25, 2026
Good Morning Mail
Daily UpdateEquitiesCommoditiesFXInformation TechnologyFinancials
Global markets are experiencing high volatility and sector dispersion driven by AI disruption fears and geopolitical tension in the Middle East. Hedge funds are de-grossing at the fastest rate in months while looking for signs of de-escalation between the US and Iran.
Key Takeaways
- 1.AI software disruption fears (driven by Anthropic updates) are causing significant dispersion, with software underperforming semiconductors.
- 2.US equities saw a major de-grossing event by hedge funds, the largest in percentage terms since September 2025.
- 3.Geopolitical volatility in the Middle East remains a primary market driver, oscillating between escalation (US troop deployments) and peace talk rumors.
Table of Contents
- U.S. Recap
- Europe
- Asia
- Chart(s) of the Day
- A Meaningful Hit to Global Growth
- Closed Markets
- Key Macro Events Today
- Markets in a Nutshell
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Authors
Anton Tran
Securities
SPX99844716UNIGSTMTAIR
Themes
AI Disruption and Agentic CapabilitiesGeopolitical StagflationHedge Fund De-grossing
Regions
North AmericaEuropeAsia PacificUnited StatesJapanIran