Goldman Sachs
July 1, 2026
US Equities Mid-Day Color
Daily UpdateCommoditiesCryptoEquitiesCommunication ServicesConsumer Discretionary
US equity markets begin July with high trading volumes but poor liquidity, causing significant price moves despite a quiet session. Momentum factors are undergoing a sharp correction as July seasonality historically creates headwinds.
Key Takeaways
- 1.Market volumes are historically high while liquidity has significantly deteriorated, increasing the risk of intraday volatility.
- 2.High beta momentum stocks are seeing significant selling pressure as seasonality concerns for July emerge.
Table of Contents
- Key Focus
- Our Franchise
- Chart of the day
- More in Equity
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Authors
Ryan SharkeyJason KleinJack McKeonRyan BaileyKatherine Reynolds
Securities
SPXNDXBTC
Themes
Liquidity degradationMomentum rotation
Regions
GlobalUnited States