Report published September 29, 2026

Midday Market Intelligence: Tempered – Goldman Sachs Equity Research (September 29, 2026)

Goldman Sachs · September 29, 2026

US equities traded moderately lower on Tuesday midday, weighed down by high Treasury yields and a sharp drop in consumer confidence to a 12-year low. Markets continue to navigate macro headwinds from rates, oil-driven inflation risks, and Middle East uncertainty ahead of upcoming PCE and payrolls data.

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Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.

Key Takeaways

1.US equities traded moderately lower following elevated Treasury yields and a sharp fall in Conference Board consumer confidence to an 81.9 reading, its lowest in 12 years.
2.Labor market indicators show mixed signals ahead of Friday's payrolls report: the labor differential deteriorated and August JOLTS job openings declined to 7,079k, while the jobs-workers gap slightly rebounded to 0.1mn.
3.Goldman Sachs strategists note that markets have priced adverse risk from oil, rates, and AI themes over the past 3 months, but see potential relief ahead as growth stays resilient, earnings hold up, and valuations have de-rated.

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Today's market performance - September 29, 2026, 1:45 PM
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Report data

Exhibit 1: Over the last 3 months, markets have priced more risk from oil, rates and AI themes — as of September 29, 2026.

Metric	Estimate	Context
Conference Board Consumer Confidence Index	81.9 index points	Fell almost 7 points to reach its lowest reading in 12 years.
Labor Differential - Jobs Plentiful	23.6%	Percentage of survey respondents indicating jobs are plentiful.
Labor Differential - Jobs Hard to Get	21.9%	Percentage of survey respondents saying jobs are hard to get.
JOLTS Job Openings	7079 thousands	Job openings fell to 7,079k in the August release.
Jobs-Workers Gap	0.1 million	Goldman Sachs estimate of labor tightness comparing job openings to available workers.