Goldman Sachs: US Conviction List - Directors' Cut (October 2026)

Key Takeaways

• 1.Goldman Sachs added five stocks to its US Conviction List - Directors' Cut for October 2026: AMZN, BURL, HII, JCI, and OXY.
• 2.Five stocks were removed from the list: APD, COP, GLNG, LOAR, and TSN, though all five maintain fundamental Buy ratings across coverage.
• 3.Macro and equity markets face six major pivot points entering the final quarter: interest rates/Fed policy, AI infrastructure-to-applications transitions, energy/geopolitical supply shocks, upcoming US congressional midterm elections, competition for capital between stocks and bonds, and Chinese stimulus/export policies.

Table of Contents

• Market Commentary - a lot is in flux
• Conviction List - what has worked, what has not and what has changed
• Anatomy of the List
• Conviction List Explained - refrain
• Our 23 most differentiated Buy recommendations
• Amazon.com Inc. (AMZN) - covered by Eric Sheridan
• Burlington Stores Inc. (BURL) - covered by Brooke Roach
• Huntington Ingalls Industries Inc. (HII) - covered by Noah Poponak
• Johnson Controls International Plc (JCI) - covered by Joe Ritchie
• Occidental Petroleum Corp. (OXY) - covered by Neil Mehta

Report data

Exhibit 1: Conviction List - Directors' Cut October Update — as of September 30, 2026.

Reports in this series

US Conviction List - Directors' Cut is shown in chronological order through this edition, published on October 1, 2026.

Part of the US Conviction List - Directors' Cut series — view all 4 editions

1. Jul 1US CONVICTION LIST - DIRECTORS’ CUT July 2026 Update
2. Aug 3US Conviction List - Directors' Cut August 2026 Update - Stocks for a broadening market
3. Sep 1US Conviction List Directors' Cut September 2026 Update Refreshed Views for Back to School