Goldman Sachs
June 29, 2026
US Flows and Themes
Weekly UpdateEquitiesCommoditiesInformation TechnologyHealth Care
US equity markets are experiencing a significant rotation out of mega-cap technology into defensive sectors, alongside hedge fund deleveraging. Meanwhile, macro risks have softened following a US-Iran agreement.
Key Takeaways
- 1.US equity markets show rotation from mega-cap tech into defensive/cyclical sectors like Healthcare and Real Estate.
- 2.Macro recession probability for the US lowered to 15% following a US-Iran deal and lower oil price expectations.
- 3.Institutional funds are aggressively de-grossing, with US Information Technology seeing the largest net selling in over a decade.
Table of Contents
- Markets
- Fed & Macro
- Geopolitics
- Flows & Positioning
- Corporates
- Risk & Technicals
- The Week Ahead
- Key Takeaways
- Earnings Season Preview
- Fund Flows
- Hedge Funds
- GS Initiation
- Single Stock
- Webcasts/Events
Document Preview
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Authors
Jan HatziusBen Snider
Securities
NVDAMU
Themes
AI Infrastructure Capex DebateHedge Fund De-grossing
Regions
Middle EastUnited StatesIran