The Markets

While a smaller hike remains more likely, October’s hotter-than-expected inflation data may open the door to a 50-basis point rate hike at the Fed’s December meeting, says Muhammad Qubbaj, co-head of North America Interest Rate Product Sales and Trading in Goldman Sachs FICC and Equities. A recent drop in oil prices is unlikely to give the Fed cover to look past the CPI number without becoming mor...

The US midterm elections could strengthen the stock market rotation that was already underway, says Lou Miller, global head of Custom Basket Trading in Goldman Sachs FICC and Equities. Traditional defensive sectors such as consumer staples are expensive right now, but healthcare stocks may provide defense along with earnings acceleration, Miller explains on The Markets podcast. He also s...

Options markets are showing signs of increased nervousness about artificial intelligence (AI) as investors focus closely on earnings from large tech companies and try to separate likely winners from losers, says Lee Coppersmith from the Equity Derivative Sales team in Goldman Sachs FICC and Equities. Overall demand for AI stocks remains strong and the S&P has remained resilient, but put option buy...

Markets are scrutinizing the crowded AI trade as investors reassess technology infrastructure spending plans and factor in rising capital costs, says Rich Privorotsky, head of European Equities Trading within Goldman Sachs FICC and Equities. Third-quarter earnings from mega-cap tech will be critical, Privorotsky says on The Markets podcast. Investors are not only watching hyperscaler investme...

Credit markets have stayed resilient even as interest rates rise and investors scrutinize the outlook for artificial intelligence (AI), says Alex Finston, co-head of US and Asia Credit Trading in Goldman Sachs FICC and Equities. On The Markets podcast, Finston points out that historically, as long as the increase in rates is steady, investors have often seen rising bond yields as an opportunity. H...

Hedge fund positioning in equities for long-short strategies is at historically low levels amid ongoing volatility in interest rates and oil prices, says Mark Wilson, head of European Equity Franchise Sales and Hedge Fund Coverage in Goldman Sachs FICC and Equities. And even as investor scrutiny of French government borrowing grows, Wilson points out that there are investment opportunities in...

Trading in artificial intelligence (AI) stocks is evolving as investor interest broadens beyond semiconductor makers and companies that benefit from capital expenditures in AI, says Peter Callahan, US Technology, Media, and Telecommunications sector specialist in Goldman Sachs FICC and Equities. On The Markets podcast, he says investors are increasingly focused on companies that help organizations...

With US 10-Year Treasury yields climbing this week to the highest level since 2007, the bond market may be the biggest risk to further equity gains, says Tony Pasquariello, global head of hedge fund coverage in Goldman Sachs FICC and Equities. Shorting bonds could be a useful hedge for stock investments, he says on The Markets podcast.  S&P 500 earnings growth, meanwhile, has been “mind-bendi...

The Federal Reserve signaled this week that interest rates could be higher for longer, which may pose a challenge for the broader equity market if tighter policy leads to less consumption, says Anshul Sehgal, global co-head of Fixed Income, Currency and Commodities. However, companies that specialize in computing and data centers could be an opportunity for investors amid elevated interest rates....

Investors are pricing in a higher likelihood that the Federal Reserve will hike rates after core CPI inflation rose in August more than economists had estimated. However, a rate hike may not keep the US stock market from climbing higher, says Jonathan Shugar, head of Cross Asset Sales in Goldman Sachs FICC and Equities, on The Markets podcast. Companies reported strong earnings growth in the secon...

Gold set a record high in January, but uncertainty about US interest rates and disruption from the Iran war have led to an “elongated pause” in the rally, according to Tony Kim, global head of Metals Trading in Goldman Sachs FICC and Equities. Ultimately, Kim expects strong central bank demand for the yellow metal to help drive gold to new highs, he says on The Markets podcast. Kim also discusses...

Energy markets have been surprisingly resilient amid the disruption to shipping through the Strait of Hormuz. However, there are few signs of relief in markets for refined products such as diesel, gasoline, and jet fuel, says Nitin Jindal, head of Global Commodities in Goldman Sachs FICC and Equities, on The Markets podcast. Jindal also discusses China’s remarkable adjustment to the...

While artificial intelligence (AI) has been a key driver of US stocks, a wider range of sectors is starting to power the S&P 500, says Shawn Tuteja, head of ETF and Custom Basket Volatility Trading in Goldman Sachs FICC and Equities, on The Markets podcast. Tuteja also discusses the robust strength in earnings across 9 of 11 sectors in the S&P 500, elevated volatility amon...

With a month to go until the Federal Reserve’s next rate decision, inflation is increasingly in focus for the US bond market, says Mike Mitchell, head of US Treasury and Inflation Trading in Goldman Sachs Global Banking & Markets. He explains why recent inflation data suggests the Fed could continue to hold rates steady in September, and how Treasury market supply, corporate credit issuance, and f...

Ashok Varadhan, co-head of Global Banking & Markets at Goldman Sachs, shares his outlook on assets from credit and stocks to oil. This episode also covers recent moves in AI-led stocks and currency markets, and why Varadhan does not expect the Federal Reserve to hike rates in 2026. Recorded on August 5, 2026. The opinions and views expressed herein are as of the date of publication, subject to cha...

Tech stocks been buffeted by a reversal of momentum in US equities, but hedge funds are still fundamentally bullish on AI stocks, according to Vincent Lin, co-head of Prime Insights and Analytics in Global Banking & Markets. In this conversation with Chris Hussey, he explains why the greatest cumulative selling of tech stoc...

As more US companies report earnings next week, the bar is “very high” from the perspective of analysts and option market makers, says Brian Garrett, head of equities on the Cross Asset Sales desk in FICC & Equities. In this conversation with Chris Hussey, he also discusses how debt issuance from hyperscalers&nbsp...

Could the US dollar keep rising from here? Brian Dunne, head of Americas Foreign Exchange Options Trading in Goldman Sachs Global Banking & Markets, says that interest rates differential, Fed policy, and geopolitical factors could continue to boost the greenback. He also shares his views on how best to play the potential dollar momentum in this conversation with Chris Hussey. Recorded on July 9, 2...

As US equities get more volatile, are the drivers of the rally still intact? John Flood, head of Americas Equities Execution Services in Goldman Sachs Global Banking & Markets, breaks down the market action, and explains why strong earnings and positive technicals could drive stocks higher, in this conversation with Chris Hussey.   Recorded on June 25, 2026.  The opinions and views expressed herei...

Despite recent wobbles in the US equity market, Muhammad Qubbaj, co-head of US Interest Rate Products in Goldman Sachs Global Banking & Markets, believes the rally is on firm footing. He discusses the outlook for stocks and bonds, and explains why he’s not yet concerned about the rising issuance of bonds by tech companies and the US government, in this conversation with Chris Hussey. Recorded on J...

As US stocks surge, European equities are climbing as well. Could more gains be ahead, and are European stocks be poised to outperform? Sharon Bell, European portfolio strategist in Goldman Sachs Research, discusses with Chris Hussey.  Recorded on June 4, 2026. The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily refle...

Tech stocks have surged in the past two months. What’s behind the move, and where are the opportunities for investors now? Peter Callahan, the US Technology, Media and Telecommunications sector specialist within Goldman Sachs Global Banking & Markets, discusses with Chris Hussey. Recorded on May 28, 2026. The opinions and views expressed herein are as of the date of publication, subject to change...

What’s driving the rise in US Treasury yields, and what could be ahead for the bond market? Phillip Lee, head of Real Money Rate Sales in Goldman Sachs Global Banking & Markets, shares his outlook with Chris Hussey. Recorded on May 21, 2026. The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional...

As AI stocks drive the S&P 500 and Nasdaq to record highs, are fears of a bubble warranted? And what are the newest opportunities in the AI equipment trade?  Shawn Tuteja, who oversees ETF and custom baskets volatility trading within Goldman Sachs Global Banking & Markets, discusses with Chris Hussey. Recorded on May 13, 2026. The opinions and views expressed herein are as of the date of publicati...

Oil prices have fallen thanks to investor optimism that the Iran conflict could soon be resolved. But the situation may be more complicated than it appears, cautions Jerome Dortmans, co-head of Global Oil and Products Trading in Goldman Sachs Global Banking & Markets. He discusses the drivers of the crude oil and refined product markets, as well as some potential trading opportunities, in this con...