GS Novak US Industrials Materials Weekend Edition 08.31.26 09.04.26 6 Sep 2026

GS Novak - US Industrials Materials Weekend Edition Ryan Novak · Goldman Sachs · US Industrials & Materials Sector Specialist Sun 6 Sep 2026, 1:51pm ET

Hope this finds you well and having a nice long weekend if in the US. S&P out Friday adding BE to the S&P 500, removing BLDR. S&P 100 removes HONA. S&P Small cap 600 adds BLDR. Several off-cycle earnings next week – few quick previews on each below. Conversations have centered around conference season ideas – i.e. who will provide a market moving update the next two weeks, what a potential regross could look like as investors are more underexposed than in some time and best ideas into Q3 earnings and year end. Please reach out if you would like to discuss.

Prime: US equities were slightly net bought on the week (+0.2 SDs 1-year), driven by long buys in Single Stocks partially offset by short sales in Single Stocks and Macro Products. Macro Products (Index and ETF combined) were modestly net sold (-0.3 SDs 1-year), driven almost entirely by short sales. US-listed ETF shorts increased +1.5% (-4.4% month/month), led by shorting in Credit and Small Cap Equity ETFs partially offset by covering in Large Cap Equity ETFs. On the other hand, Single Stocks were net bought for the first time in three weeks (+0.5 SDs 1-year), driven by risk-on flows with long buys outpacing short sales (1.6 to 1). Info Tech, Comm Svcs, Financials, and Utilities were the most $ net bought US sectors, while Real Estate, Energy, Industrials, and Staples were the most $ net sold. Hedge funds net sold US Real Estate stocks for a 4th straight week and at the fastest pace in nearly 7 months (-2.3 SDs 1-year), driven entirely by short sales.

CNM reports Wednesday September 9th pre-market at 7:30am with the call at 8:30am. This one has been much less talked about than over the past two years. 9% implied move on the day of the print with the