GS MidDay Color US Equities Mid Day Color

GS Sharkey - US Equities Mid Day Color 17 Sep 2026 Ryan Sharkey · Goldman Sachs · Vice President, FICC & Equities Thu 17 Sep 2026, 12:06pm ET

• US Indices lifting as yields and WTI move lower off the back of Saudia Arabia easing oil supply constraints (East-west Pipeline back online and more ship-to-ship oil transfers). SPX reclaims the 50dma (7615) after bouncing off of the 100dma (7515) in yesterday’s session. VIX back down to a 15 handle as fears ease.

• MegaCap Tech (GSTMTMEG) +100bps leading the way and continues to be the high conviction trade. Per our PB yesterday.. TMT stocks are the most net bought among all US sectors in the past month, led by long buys in hyperscalers – net allocation to Mag 7 has risen to ~20% (95th percentile 3-year) from a YTD low of 14% in June.

• High velocity pockets working.. Momo (GSPRHIMO) +360bps, AI Semis (GSCBSMHX) +325bps, AI Leaders (GSX1AIL1) +215bps, 12M Winners +450bps. Squeezy tilt to the tape.. Most Rolling Short (GSCBMSAL) +425bps and High Beta 12M Losers (GSCBLMOM) +54bps

• Liquidity: Exchange volumes elevated +31% vs 20d avg while top of book liquidity is very light ($2.81mm on the touch -50% vs 5dma). CTAs currently modeled to sell $30bn in US equities in a flat tap over the next week.

• GIR Quick Take Post FOMC - While yesterday's hike was widely expected, we view the meeting as more hawkish than our in house view: 1) 16-2 majority projected at least one more hike this year, and there were no dissenting votes against today’s hike. 2) median funds rate projection remained quite

elevated through 2029, and the median neutral rate dot rose from 3.06% to 3.25%. 3) Chairman Warsh described the hike as having “removed a dose of accommodation” three times.

• We are currently skewed better to buy across the floor with both HFs and LOs better to buy. Our desk is a 4 out of 10 in terms of overall activity levels

• LOs are better to buy with demand in materials, fins, info tech, industrials and comms svcs versus supply in consumer discretionary and energy.

• HFs are skewed buyers led by demand in info tech, cons discretionary, fins, and industrials vs supply in macro products

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Source: Goldman Sachs FICC & Equities, as of 17 September 2026. Authors: Ryan Sharkey, Jason Klein, Jack McKeon, Ryan Bailey, Katherine Reynolds.