Goldman Sachs
May 18, 2026
Market Colour and Corporate Updates
Daily UpdateEquitiesRates Govt BondsCommoditiesInformation TechnologyFinancials
US equities fell as the AI trade paused and bond yields rose, while market performance remains heavily concentrated in technology. Prime data indicates net selling of global equities led by North America and Europe.
Key Takeaways
- 1.S&P 500 returns are highly concentrated, with technology accounting for 85% of the 10% YTD gain.
- 2.Prime services data shows global equities were net sold, driven by short sales outpacing long buys, particularly in North America and Europe.
- 3.Siemens price target was raised to EUR290 following strong order growth and increased organic revenue guidance.
Table of Contents
- Prime
- Europe EPS
- M&A Basket
- DEFENCE
- Europe Retail / Tiktok Shop
- Lindt
- Siemens
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Authors
Ioannis Blekos
Securities
SPXSiemensLindtAVORGOOGL
Themes
Market ConcentrationAI Trade BreatherSocial Commerce Disruption
Regions
North AmericaEuropeAsia PacificUnited StatesUnited Kingdom