Goldman Sachs
June 23, 2026
Marketcolour And Flows
Daily UpdateEquitiesRates Govt BondsRates CreditInformation TechnologyConsumer Discretionary
The report highlights a reduction in 12-month US recession risk to 15% alongside shifting market dynamics where semiconductor strength offsets tech sector weakness. Buyback activity remains low due to the Q2 earnings blackout period.
Key Takeaways
- 1.US recession risk estimate cut from 25% to 15% due to improved energy prices and US-Iran agreement.
- 2.Corporate buyback activity is constrained by the Q2 earnings blackout period, affecting roughly 65% of issuers.
- 3.Equity market rotation observed with broad-based strength in semiconductors offsetting weakness in Megacap tech.
Table of Contents
- Marketcolour + Flows
- Interesting
- Interesting 2
- Flow
- CTAs
- Buybacks
- Global Macro
- Cross-Asset
- Global Consumer
- Brenntag
- DSV
- US Hardware / Industry Primer
Document Preview
Access the Full Report
Get unlimited access to institutional research reports with a 14-day free trial.
Authors
Ioannis Blekos
Securities
NFLXGOOGLSMCIBNRGn.DEDSV
Themes
US Recession RiskCorporate Buyback BlackoutSemiconductor Rotation
Regions
GlobalEuropeUnited StatesChinaUnited Kingdom