Goldman Sachs
May 11, 2026
Good Morning Mail
Daily UpdateEquitiesMacro Economic IndicatorsRates Govt BondsInformation TechnologyFinancials
US markets gained 2% last week supported by a 115k payroll beat and 16% earnings growth. A key trend is the surge in AI-driven capex (+38%) over buybacks (+1%).
Key Takeaways
- 1.The S&P 500 rose 2% over the week driven by solid Q1 2026 earnings growth (+16%) and a 'Goldilocks' April jobs report.
- 2.A structural shift is occurring in corporate spending, with S&P 500 capex growing +38% Y/Y compared to only +1% for buybacks, led by AI hyperscalers.
- 3.April Nonfarm Payrolls came in at 115k, significantly higher than the 65k consensus, while hourly earnings were softer at +20bps.
Table of Contents
- U.S. Recap
- U.S. Earnings Snapshot
- Europe
- Asia
- Chart(s) of the Day
- Closed Markets
- Key Macro Events Today
- Sector and Factor Rotations
- Markets in a Nutshell
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Authors
Anton Tran
Securities
SPX2330 TTSamsungBTC
Themes
AI Infrastructure Capital RotationGeopolitical StalemateMacro Resilience vs Inflation
Regions
North AmericaEuropeAsia PacificUnited StatesChinaIran