Goldman Sachs
May 20, 2026
Good Morning Mail
Daily UpdateEquitiesRates Govt BondsCommoditiesInformation TechnologyConsumer Discretionary
Global equity markets are sliding as rising yields and inflation fears spark an unwind of the momentum factor. All eyes are on Nvidia's earnings today to see if it can sustain the AI-driven market rally.
Key Takeaways
- 1.Global stocks are facing their longest losing streak in two months due to rising bond yields and inflation fears.
- 2.Nvidia (NVDA) earnings are the primary focus for US markets, with expectations for a 'beat-and-raise' quarter but a high bar for outperformance.
- 3.Significant factor rotation is occurring, with a sharp reversal in momentum stocks affecting both US and European markets.
Table of Contents
- U.S. Recap
- NVDA Preview
- Europe
- Asia
- Chart(s) of the Day
- Closed Markets
- Key Macro Events Today
- Markets in a Nutshell
Document Preview
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Authors
Anton Tran
Securities
SPXNVDASamsungHDSOXS
Themes
Momentum Factor UnwindYield-Driven Equity PressureAI Spending Sustainability
Regions
North AmericaEuropeAsia PacificUnited StatesChinaIran