GS US EQUITIES COLOR RISING TIDE

S&P +179bps closing @ 7,736 w/ a MOC of $8.7bn to SELL. NDX +332bps @ 29,733, R2K +205bps 3,042, and Dow +171bps @ 54,085. 18.37bn shares traded across all US equity exchanges vs ytd daily avg of 19.333bn shares. VIX +347bps @ 16.42, WTI Crude -581bps @ $75.68, US 10YR -0.057bps @ 4.6187%, gold +61bps @ 4,078, dxy -1bps @ 99.89 and Bitcoin +55bps @ $64,090

*S&P 500 CLOSES AT FIRST RECORD SINCE JUNE. NDX now up ~9% in just 4 sessions (since last Thursday). It was a ‘rising tide lifts all boats type of session’ with TMT marching higher. As John Flood pointed out, strong fundamentals (stellar Q2 earnings) + cleaner positioning means this move higher at the index level has legs. GS's prime data shows overall book gross leverage with its second largest monthly decline in the history of our data set last month (only behind July ’25). Our floor was a 5 on a 1-10 scale in terms of overall activity levels. Asset Mgrs and HFs finished net buyers driven by tech and macro products. We did not see chasey type behavior on our TMT pad; however, we did see notable demand for short-dated index upside this week (primarily S&P and Nasdaq).

DERIVS: FOMO on full display today as we saw clients chase the rally and rush to put on upside exposure. Dramatic spot up vol up price action across the major indices today with front-end fixed strike vols up more than 1v. Along with the moves in spot and vol, skew was crushed across the board and term structure flattened. Flowswise, the desk was notably tilted to index activity. In particular, we were extremely active in short-dated S&P and Nasdaq upside in both the index and ETFs. In the thematic space, the market saw a large buyer of short-dated momentum upside this morning. We estimate dealers will get shorter gamma to the topside, exacerbating rallies, and longer to the immediate downside, making a larger selloff difficult. The focus remains on earnings through the end of the week. The S&P implied move through Friday is 1.03%. – TY Gail Hafif

POST BELL: AMD -8% .. headline beat, tho, GMs just ‘inline’

PINS -7% .. 2Q Revs accelerate 2pts to +17% y/y cc (above HE of guide) .. guides 3Q Revs inline .. “AI is at the heart of our momentum and is a clear accelerant for our business.”

SPCX -3% (all over place) … subs inline (~12mn) , Beat on AI Revs of $2.561b vs cons: ~$2.08bn .. call @ 430pm ET ..

ANET +12% .. big beat/raise with revenues accelerating ~3pts y/y to +38% y/y (best growth in ~3 years) .. June qtr revs $3.04bn (+38% y/y) vs cons $2.83bn (+28% y/y) … Guides Sept qtr revs $3.3bn (+8.5% q/q) vs cons $2.95 (+28% y/y) ..

ALAB +7% (now up 20% on day) … beat/raise .. 2Q Revs $392mn vs cons $361mn .. guides 3Q Revs WAY above street to $540-560mn (vs cons $417mn)

LSCC +3%.. beat and guide way above street and up ~25% q/q (albeit with FPGA revs guided up slightly q/q) -- recall, closed the AMI acq

AMGN +70 bps.. 2Q Mostly Ahead, Revs $10.054B (+6.5% vs. cons), Broad strength across portfolio, with Enbrel, Evenity, Tepezza, Nplate among biggest beats, Expecting total year revs of $38.2B to $39.4B (vs. $37.1B to $38.5B prior). Discontinuing development of AMG 513

GILD +1.7%.. 2Q Revs $7.8B (vs. $7.4B cons), Descovy +25% vs. cons (called out higher price +demand) – broader HIV strength.