GS Abbas GS US Daily Download

GS Abbas - GS US Daily Download 15 Sep 2026 Ismail Abbas · Goldman Sachs · Analyst, Global Banking & Markets 15 Sep 2026, 2:19am ET

Stat of the Day For the past 27 sessions, the intraday trading range in S&P has been less than 1% Chart of the day (Here) Actionable GS Research Overn

For the past 27 sessions, the intraday trading range in S&P has been less than 1%

Actionable GS Research Overnight

• DKS Conference Takeaways - Dick's does not believe the athletic cycle is over, and footwear is performing well at the core Dick's business. While the industry is facing an excess supply of legacy silhouettes, demand remains healthy with consumers gravitating towards newness and innovation in the category. Moreover, following the Foot Locker acquisition, the company has improved visibility into the footwear ecosystem and continues to expect $100-125mn in synergies from the acquisition.

• Aramark Conference Takeaways - ARMK's tone was upbeat across the board, as management continues to see strong momentum across both its core business and Nexus. We would highlight three key points from the fireside: 1) Management was upbeat in its assessment of the TAM for Nexus, and expects this business to grow to ~$2-$3bn over the next few years. 2) After the announcement of a new contract win for Nexus today, management noted that they expect this contract to generate >$100mn revenue over time, and will likely ramp in the first half of calendar year 2027, and is an entirely new client vs. prior Nexus wins. 3) With Nexus contracts coming in at higher margins than the core business, ARMK now expects to remain above the steady-stage range of 20-30bps margin expansion, and sustain 30-40bps for longer.

• Walmart Conference Takeaways - We hosted a dinner with the Walmart IR team, including Steph Wissink, Senior Vice President of Investor Relations, and Kary Brunner, Senior Director of Investor Relations. Following the dinner, we highlight positive commentary around back-to-school (BTS) and a resilient consumer overall, despite ongoing pressure at the lower end. Walmart is using tariff refunds to invest in price, which is driving share gains, and the company continues to benefit from its competitive delivery speed. We believe Walmart is well positioned to continue driving solid earnings growth in 2026, supported by market share gains given its compelling proposition for value and convenience, while its profitability profile should also continue to improve.

• Home Depot Conference Takeaways - We hosted a dinner with the Home Depot management team, including Richard McPhall, EVP and CFO, and Billy Bastek, EVP of Merchandising. The Home Depot will also be presenting at the 33rd Annual Global Consumer and Retail Conference on Tuesday, September 15th. Key takeaways from the dinner include: 1) Management's commitment to taking market share despite a challenging macro and housing environment, 2) The ongoing success and integration of recent

acquisitions (SRS and GMS) to accelerate the Pro business, 3) Significant returns on supply chain and logistics investments driving faster delivery speeds, and 4) Stable margin outlooks supported by strategic pricing and unexpected improvements in shrink.

Equities closing red on the day (although off session lows) with a notable rotation out of AI infrastructure post Anthropic CEO Dario Amodei’s comments this weekend calling for a slower pace of frontier evolution. Closely watching Software > Semis as the pair (GSPUSOSE) closed +12.56%, a 2.5std dev move. Other notable movers: AI vs AI at Risk (GSPUARTI -9.96%), worst day since Deepseek (-2.2 std dev move) & spread of 3m (GSPHRMO3 +6.07%) vs 12m (GSPRHIMO -6.71%), Momo pairs widest side 2020 election. Brent off last week’s highs as Russia & Ukraine agreed not to strike each other's energy targets, but still finishing green on the day (9th time in the past 10 sessions) with headlines of GCC-Iran talks postponed. 10yr yields briefly touched 5% for the first time since October 2023, although rates came in towards the end of the session as the market looks toward the FOMC Wednesday (currently pricing in ~91% chance of a hike).

13:30 UKT Empire State manufacturing survey, September…