GS Equities Color US EQUITIES COLOR ROTATION 14 Sep 2026

GS Jeter - US EQUITIES COLOR ROTATION 14 Sep 2026 Mitch Jeter · Goldman Sachs · Analyst, FICC & Equities Mon 14 Sep 2026, 4:56pm ET

S&P -48bps closing @ 7,619 w/ a MOC of $280bn to BUY. NDX -82bps @ 29,127, R2K -24bps 2,896, and Dow -29bps @ 52,421. 15.203bn shares traded across all US equity exchanges vs ytd daily avg of 18,721bn shares. VIX +814bps @ 17.13, WTI Crude +178bps @ $101.82, US 10YR +0.019bps @ 4.9854%, gold -152bps @ 4,283, dxy +36bps @ 99.48 and Bitcoin +216bps @ $78,992.

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).

Our desk was a 3/10 from an activity level perspective, finishing -455bps better for sale. Asset managers finished $1bn better for sale with supply in Comm services, industrials, and tech vs small demand in macro products. Hedge Funds finished small net sellers driven by supply in macro products and tech.

GS Global Consumer & Retail Day 2 Schedule: 7:45 AM URBN, UNFI, SITE; 8:30 AM M, LOW, MAT; 9:15 AM SN, FIVE, WH; 10:00 AM CPRI, HD, NCLH; 10:45 AM BOOT, DG, SVV; 11:30 AM WRBY, ASO, HundredX; 12:35 PM WMT; 1:20 PM UAA, GPC, VAC; 2:05 PM GRGD.CN, DRVN.

DERIVS: Despite entering the session reeling from Anthropic's essay advocating for AI pacing, US equity markets staged an impressive snap back to end the day. NDX rallied more than 1% off its intraday lows with vol bid up small in gamma tenors and offered in the belly and back-end of the curve. Russell vol underperformed while spot outperformed, and RUT fixed strike vols were offered throughout the curve. While skew was bid in NDX and SPX, RUT skew was offered in the belly and longer-dated tenors. Interestingly, we saw sellers of 2-3y downside in SPX and NDX. In the macro/thematic space, semis were hit (SMH -4.5%) while software soared (our Expensive Software basket GSCBSF8X +6.6%). IGV vol was bid across the curve, particularly in gamma tenors, while SMH was offered. Flowswise, we saw sizable call spreads get rolled in the tech space — e.g. cust bought 70,000 NVDA Nov 230/275 call spread and sold 35,000 Dec 245/300 call spread. Elsewhere, we saw two-way flow in financials as commentary was released from sell-side conferences. The S&P implied move through tomorrow is 0.52%. (TY Gail Hafif)

Source: Goldman Sachs FICC & Equities, as of 14 September 2026. Authors: Mitch Jeter, Ariana Contessa, Lilly Belt, Mike Washington.