US Equities Weekly Rundown

US equities ended higher as earnings outperformed, yet Prime Brokerage data revealed the largest notional de-grossing since 2025 as systematic buying programs concluded. Goldman Sachs desks recommend rotating into AI infrastructure and away from low-income consumer discretionary sectors.

Key Takeaways

• 1.US equities saw the largest notional de-grossing in 7 months (since September 2025), driven by risk unwinds in single stocks, particularly Tech and Consumer Discretionary.
• 2.Systematic macro/CTA buying of global equities, estimated at ~$170bn month-to-date, has now completed, removing a significant market tailwind.
• 3.Derivative markets are mispricing tails, with dealers modeled short nearly -$10bn of SPX gamma if the index rises 4% from current levels.

Table of Contents

• Portfolio Manager's Summary
• Prime Services
• US Shares Sales Trading
• Futures Sales Trading and Strategies
• Derivatives Sales Trading
• ETF Trading
• Thematic Baskets and Macro Observations
• Financials & Real Estate
• Industrials and Materials
• Healthcare

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