Goldman Sachs
May 13, 2026
Jensen to China, Expensive Footwear, and French Unemployment
Daily UpdateEquitiesRates Govt BondsMacro Economic IndicatorsInformation TechnologyConsumer Discretionary
Markets are rebounding following a selloff, fueled by tech hardware optimism surrounding Jensen Huang's China visit, despite a hot US CPI print and rising bond yields.
Key Takeaways
- 1.NVIDIA's Jensen Huang joining a CEO delegation to China has supported a global hardware and semiconductors rally.
- 2.US CPI came in higher than expected at +0.38% m/m, driven by OER, footwear, and apparel, indicating persistent inflationary pressure.
- 3.Equity technicals remain supported by gamma into expiry, but a negative bond impulse (yields > 5%) historically signals risks for Russell and EM.
Table of Contents
- OIL/Trade
- Semis/TMT
- UK
- Europe
- Inflation
- Risk/Technicals
- French (Quarterly) Unemployment Rate
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Authors
Rich Privorotsky
Securities
SX5ESPXRTY10-year Treasury
Themes
AI and Tech Hardware DominanceBond Yield / Equity Correlation Disruption
Regions
North AmericaEuropeUnited StatesChinaFrance