Track market-moving stories before they get noisy

Goldman Sachs ukazuje své předpovědi cen ropy a vývoj zdanění korporátních zisků. Alphabet podle Yahoo Finance přináší jedinečnou kombinaci růstu a ziskovosti cloudových služeb. Na Fox News si jako hosta pozvali ředitele společnosti DoubleLine Jeffreyho Gundlacha, podle kterého nyní probíhá v určitém smyslu podobná finanční alchymie jako před rokem 2008 a který čeká, že Fed pod novém šéfem výrazně změní své chování. 

Ceny ropy k 80 dolarům za barel: Goldman Sachs v nových předpovědích očekává, že ceny ropy budou do konce roku 2027 klesat k 80 dolarům za akcii. V případě pokračujícího uzavření Hormuzského průlivu by platilo to samé, ovšem s tím, že do začátku roku 2027 by ceny vstupovaly na úrovních nad 120 dolary za barel. Scénář „vyšší těžba, nižší poptávka“ by je naopak poslal do postupného poklesu pod 60 dolarů za barel:

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Ve druhém grafu vidíme vývoj efektivních sazeb ze zisků ve vybraných zemích. Nyní jsou nejnižší ve Spojených státech, nejvyšší v Německu. Zde byly přitom před 45 lety efektivní sazby u 65 %:

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Opět pochybná kvalita aktiv? Na Fox News si jako hosta pozvali ředitele společnosti DoubleLine Jeffreyho Gundlacha, který se podle stanice stále více snaží varovat před některými finančními a investičními riziky. Gundlach pak hovořil o tom, že před krizí roku 2008 docházelo k „finančních alchymii“, kdy finanční instituce tvořily deriváty z málo kvalitních hypoték s tím, že tyto nově vytvořené cenné papíry měly mít nízké riziko. Významnou roli v tom hrály hlavní ratingové agentury, které těmto derivátům dávaly investiční rating. Podle experta nyní probíhá něco podobného v oblasti tzv. private credit. Tedy u půjček poskytovaných mimo veřejné trhy.

Gundlach si myslí, že i zde je ve hře „pochybný rating“, některé společnosti přitom už přiznávají nižší kvalitu poskytnutých půjček. Investor k tomu dodal, že při předpovědi dalšího vývoje je dobré vnímat, „jaká je motivace.“ Tedy konkrétně to, že private credit společnosti podle něj chtějí na klesající kvalitu aktiv reagovat co nejpomaleji tak, aby si udržely klienty a výši poplatků. K tomu Gundlach dodal, že problémy nastávají v situacích, kdy „hodně lidí rychle bohatne“. Všichni pak chtějí, aby taková situace trvala dlouho. A v oblasti finančního systému nazývaného „private markets“ nyní vládne „divoký Západ“. Zdůrazňuje se tam například to, že aktiva vykazují nižší volatility. Podle investora je to ale jen mýtus, protože jde pouze o zdánlivě nízkou volatilitu způsobenou tím, že aktiva se neobchodují.

„Naděje je špatná investiční strategie,“ řekl také Gundlach v souvislosti se současným děním a za příklad uvedl softwarové odvětví: „Všichni tam doufají, že to nebude tak špatné, kupují si čas.“ Pod toho investor přešel přímo k americké centrální bance, protože její nový šéf Kevin Warsh si podle něj také „jen kupuje čas“. „Nezazlívám mu to, je tam nový, ale má analytické týmy,“ dodal Gundlach, kterému se podle jeho slov nelíbí ani způsob rozhodování Fedu, který omezuje rychlost rozhodování.

Gundlach v souvislosti s monetární politikou zmínil i analýzu, podle které Fed většinou uvolňuje svou politiku v době, kdy ISM indexy ukazují na nízkou inflaci a zaměstnanost. Naopak k utahování politiky dochází tehdy, když ceny rostou rychleji a zaměstnanost je výš. Výjimkami, které nesedí na tento vzorec, jsou dvě období, první, když v čele seděl Arthur Burns a druhé, když jej vystřídal Paul Volcker. Tato logika pak podle Gundlacha také ukazuje, že Fed by měl nyní „utahovat a o uvolnění ani nepřemýšlet“.

Od dob Bena Bernankeho podle investora funguje jednoduché pravidlo, kdy se sazby americké centrální banky hýbou tam, kam ukazují výnosy dvouletých vládních dluhopisů. „Nemělo vůbec cenu sledovat, co Fed říká, stačilo sledovat dvouleté dluhopisy.“ Nynější předseda Fedu Warsh bude ale podle experta postupovat jinak, a to je dobře. „Podobně postupoval Volcker. V době, kdy byly výnosy dvouletých vládních dluhopisů u 15 %, zvedl sazby na 20 %, aby bojoval s inflací.“ Jinak řečeno, Volcker a jeho monetární politika byli těmi, kdo vede a dvouleté sazby šly za nimi, ne naopak. Gundlach je tak podle svých slov optimistický, protože Warsh „nebude jen automatem“ a bude „lepším šéfem Fedu než Powell“.

Gundlach následně odpovídal na dotaz týkající se nekalé konkurence ze strany Číny. K tomu řekl, že s ní rozhodně nesouhlasí. V této souvislosti přidal příběh, kdy jeho strýc stál za vynálezem kopírek Xeroxu. Pak ale musel „doslova letět do Japonska a tam se účastnit soudu, protože v Japonsku začali vyrábět ten samý přístroj, jen v jedné součástce vyměnili kov za plast. To samé dělají nyní Číňané a není divu, mnoho jich studuje tady ve Spojených státech. Pak se vrátí a přináší znalosti do čínských firem.“

Vzácná kombinace od Googlu: Yahoo Finance se detailněji věnuje výsledkům společnosti Google, respektive jejímu cloudu. „Google Cloud přinesl jednu z nejvzácnějších kombinací v oblasti velkých technologických firem: Rychlejší růst a zároveň vyšší ziskovost.“ Konkrétně to znamená, že tržby se v posledním čtvrtletí zvýšily o téměř 82 %, zatímco provozní marže se dostala na téměř 36 %.“ Alphabet k tomu dodal, že zisky generují výpočetní kapacity, které si firmy pronajímají k vývoji umělé inteligence, souvisejícího softwaru a tradičních cloudových služeb, jako jsou databáze, úložiště a kybernetická bezpečnost.

Yahoo dodává, že „tyto výsledky pomáhají vysvětlit, proč Alphabet nadále utrácí… Kapitálové výdaje se zdvojnásobily na téměř 45 miliard dolarů, což stlačilo čtvrtletní volný tok hotovosti pod nulu… Zbytek velkých technologických firem nyní musí ukázat, že jeho rekordní investice mohou vést ke stejné vzácné kombinaci. Tedy k rychlejšímu růstu a vyšším ziskům.“

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When the CEOs and the Retiree Live in Different Economies JPMorgan Chase (NYSE:JPM | JPM Price Prediction)’s Jamie Dimon told investors that the U.S. economy has shown “notable resiliency this year, with stronger business investment and hiring.” Goldman Sachs (NYSE:GS)’s David Solomon, speaking on CNBC, called the economy “well positioned” to shoulder AI-driven volatility. The data backs them up. Corporate profits hit $4.43 trillion in Q1 2026, up 13% from a year earlier.

Now picture a 72-year-old widow in Ohio. Her income is a Social Security check that lands the same Wednesday each month, plus a modest IRA she tries not to touch. Her grocery bill went up. Her Medicare premium went up. Gas at the pump today is nearing $4 a gallon once again after touching on $4.50 back in May. When she reads that hiring is strong, she nods. It doesn’t change her deposit.

On retirement forums this frustration comes up routinely. One member recently asked why every headline says the economy is booming while her budget feels thinner every quarter. The answer is structural, and it’s worth understanding before making any financial move.

The One Thing to Understand About Your Check Social Security is a fixed benefit. Once you claim, the only thing that changes it is the annual cost-of-living adjustment (COLA). For 2026 that bump was 2.8%, set by a formula tied to a specific inflation index measured over Q3 of the prior year.

Nothing else moves the number. Not GDP growth. Not a hiring surge. Not record profits at the banks. If a 72-year-old is receiving the roughly $20,000 to $30,000 a year that the typical retiree collects, that check is the check, adjusted once a year in January.

That is the structural disconnect. Wages rise when labor markets tighten. Corporate profits rise when business investment picks up. Home equity increases when housing appreciates. Social Security does none of those things. It is designed to replace roughly 40% of preretirement income for the average worker and to hold that purchasing power steady, not to grow with the economy.

If you expected a boom to lift your check, it won’t. If you expected a downturn to cut it, it won’t do that either. The floor is the floor.

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Where a Retiree Can Actually Capture the Strength A fixed-income retiree has two practical channels into the growth story.

The first is any market exposure held outside Social Security. A traditional IRA, a Roth, or a taxable brokerage account participates in corporate earnings the same way a working investor’s account does. When profits grow 13% year over year, that shows up in equity prices over time. Keeping some age-appropriate stock exposure, even in retirement, is how a retiree stays connected to the economy Dimon and Solomon are describing.

The second is yield on safe savings. The FDIC national average 12-month CD rate sits at 1.65%, which is the bank branch average. Top online banks and Treasury bills pay meaningfully more. A 3-month T-bill yields 3.89% and a 1-year bill yields 4.12%. On $50,000 laddered across those maturities, the difference between a branch CD and a Treasury ladder is real grocery money each year, backed by the federal government.

For investors weighing how these levers fit against the claiming decision itself, our team put together a walk-through of the tradeoffs that’s worth a look.

What to Actually Do With This Two things to sit with:

Set expectations clearly. A strong economy will not raise your Social Security payment. The COLA is your only automatic raise, and it moves with a narrow inflation measure, not with wages or profits. Anyone budgeting around the idea that a good year for the economy is a good year for their check is planning for a raise that isn’t coming. Use the levers you do control. Keep a slice of savings in growth assets appropriate for your age. Move idle cash out of low-yield accounts and into a short Treasury or CD ladder while short-term rates stay above 4%. Boring moves. They also compound. Dimon and Solomon are describing a real economy. So is the widow checking her grocery receipt. Consumer sentiment is running near its lowest levels in years, which is its own kind of data point: most people do not feel the boom the boardroom is describing, and they are right not to expect it to show up in a Social Security deposit. Our retiree’s job is not to reconcile those two dynamics. It is to make sure the parts of her financial life that can catch a tailwind, the IRA, the savings, are actually positioned to catch it.

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Tzv. hyperscaleři se v roce 2020 obchodovali s poměrem cen akcií k ziskům na akcii nad 40. Nyní jejich PE dosahuje něco nad 20, v roce 2013 to bylo asi 13. Detailnější pohled na tento vývoj a cyklus připomíná, že valuace mohou korigovat a měnit se příjemným a méně příjemným způsobem. Dnes se podíváme právě na to, co tento cyklus táhlo a k tomu přidáme pár úvah o budoucnosti.

Hyperscaleři tedy za posledních více než 10 let prošli z fáze poměrně nízkých valuací do fáze extrémně vysokých PE. A po nich přišla valuační korekce, která se zatím usadila u PE něco nad 20. Ukazuje pak vývoj posledních cca 5 let, že investoři to s optimismem u těchto akcií masivně přehnali? Jak jsem psal, PE může jít dolů více způsoby: Přes pokles ceny (tedy přes nižší čitatel), přes růst jmenovatele, tedy zisků. A řadou kombinací těchto dvou možností. Podívejme se na pár konkrétních čísel:

Čistá zisk Microsoftu se mezi lety 2020 – 2026 zvedl z cca 50 miliard na 125 miliard, Alphabet zaznamenal růst z 60 na 140 miliard dolarů, Amazon z 21 na 90, Meta z 30 na 70. Onen vývoj valuací byl tedy do značné míry ovlivněn tím, že zisky se cca zdvoj – ztrojnásobily. O tomto příjemnějším způsobu korekce valuací jsem tu přitom psal již před časem. Příklad těchto populárních a významných akcií a společností ukazuje, že to v praxi může skutečně „fungovat“. Bude tomu tak?

Podívejme se teď na následující obrázek, který detailně ukazuje, jak hyperscaleři v čase přispívají k růstu zisků na celém americkém akciovém trhu. V prvním čtvrtletí minulého roku to bylo více než třetinou, polovodiče asi 16 % a zbytek trhu asi 48 %. Trend je pak celkem jasný v tom smyslu, že hyperscaleři přispívají méně, zbytek trhu zhruba stejně a polovodiče vyznačené modře stále více:

Těžiště tahounů růstu zisků se tedy přesouvá od těch, kteří do AI investují, k těm, od nichž své investice nakupují. Je to celkem známý příběh točící se ve svém jádru kolem budoucí návratnosti AI investic. Tedy návratnosti toho, co hypercaleři nakupují a budují. Vývoj bývá skeptiky přirovnáván třeba k boomu železnic, kdy byla budována celá řada tratí. Jejichž využití nakonec v celku nebylo takové, jaké si budovatelé představovali. Nicméně třeba ocelárny, dodavatelé kolejí, nebo dřevěných pražců, mohly být spokojeni. Protože jejich zisky se dostavily.

Nevím, zda celý příběh kolem AI a s ní souvisejícími investicemi skončí podobně, jako ten s železnicemi. Nebo zda půjde cestou, kdy budoucí zisků hypercalerů dá prostor pro zajímavý růst cen bez toho, aby se valuace dostaly, či držely neudržitelně vysoko. V tom prvním „železnicovém“ případě by fakticky došlo k transferu bohatství od akcionářů hyperscalerů k akcionářům firem v polovodičích. Respektive všech těch, které dodávají hypercalerům. V tom druhém by všichni něco získali na celkové nově vytvořené hodnotě.

Tento pohled shora a z celku nám může ještě připomenout tezi ekonomů Goldman Sachs, podle které investice do AI nijak významně nepřispívají k růstu amerického produktu. Tento pohled jde proti naprosto dominantnímu, podle kterého jsou to naopak právě AI investice, co táhne celý produkt výrazně nahoru. V GS ale tvrdí, že investice hlavně natahují do USA dovozy. Nejde o žádný detail, k nějakému jasnému informačnímu rozuzlení tohoto příběhu ale nedochází. Ve scénáři GS by přitom případný útlum investic hypercalerů (daný přehodnocením potenciálu monetizovat AI) neměl mít větší dopad na HDP. Měl by dopad na dovozy. V druhém případě by platil opak – produkt by citlivě reagovat na změnu investičního chování hypercalerů.

Key Takeaways JPMorgan Chase lifted 2026 NII targets as strong capital markets, IB and consumer growth supported Q2 results.Goldman Sachs posted broad revenue growth, boosted its dividend and cited a strong investment banking backlog.Citigroup grew NII, loans and deposits while targeting higher 2026 returns and larger share repurchases. The second-quarter 2026 earnings season has started with strong momentum. So far, mainly major banks and financial institutions have reported their quarterly numbers. The Zacks-defined Financial – Investment Bank industry is currently in the top 11% of the Zacks Industry Rank. Since the industry is ranked in the top half of the Zacks Ranked Industries, we expect it to outperform the market over the next three to six months.

Here we recommend three investment bank behemoths with a Zacks top rank that have posted strong second-quarter financial numbers with a solid outlook. These are: JPMorgan Chase & Co. (JPM - Free Report) , The Goldman Sachs Group Inc. (GS - Free Report) and Citigroup Inc. (C - Free Report) . Each of our stocks currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

The chart below shows the price performance of our three picks in the past three months.

Image Source: Zacks Investment Research

JPMorgan Chase & Co.JPMorgan Chase remains well-positioned given the current operating backdrop. JPM’s second-quarter 2026 results reflected solid gains in capital markets and investment banking (IB). JPM continues to expand its physical and digital distribution network, which supports primary banking relationships, cross-selling opportunities in cards and auto loans, and long-term deposit share gains.

JPM’s consumer franchise keeps widening, with U.S. branch builds and Chase digital growth in Europe, while scale, diversified revenues and disciplined balance sheet management aid durable earnings. JPM’s higher-for-longer rate regime will aid net interest income (NII), and solid markets activity, IB fees and asset management flows will drive fee income.

JPM expects 2026 NII of roughly $105.5 billion and NII excluding Markets of about $96.5 billion. Both metrics show increases from the prior targets. Adjusted expenses are projected at around $107.5 billion, with the increase from the prior outlook of $106 billion reflecting higher volume- and revenue-related costs. The Card Services NCO rate is now expected to be approximately 3.2%, down from the previous target of 3.4%.

JPMorgan Chase has an expected revenue and earnings growth rate of 11.6% and 19%, respectively, for the current year. The Zacks Consensus Estimate for the current year’s earnings has improved 6.5% over the last seven days.

The Goldman Sachs Group Inc.Goldman Sachs’ second-quarter 2026 results benefited from strong revenue growth in Global Banking & Markets and Asset & Wealth Management. GS’ strong capital and liquidity position aids shareholder returns, including a recent 11% dividend hike post-clearing 2026 Fed stress. 

GS is prioritizing durable revenue streams, with improving deal activity and a strong investment banking backlog supporting advisory and fee-income growth. Its private credit expansion is expected to diversify revenue and drive long-term growth. 

Goldman Sachs has an expected revenue and earnings growth rate of 19.3% and 31.7%, respectively, for the current year. The Zacks Consensus Estimate for the current year’s earnings has improved 11.3% over the last seven days.

Citigroup Inc.Citigroup’s second-quarter 2026 performance reflected year-over-year growth in net interest income and fee income, while expanding loan and deposit balances continue to underpin growth. C’s simplified operating structure is reducing complexity, improving efficiency, and allowing capital to be redirected toward higher-return businesses. 

C’s expanding private-market capabilities will likely drive fee income growth, while strong liquidity profile and improving efficiency support capital returns, including a planned dividend hike after clearing the 2026 stress test.

Citigroup expects NII (excluding Markets) to increase 5-6% on a year-over-year basis in 2026. Management anticipates an efficiency ratio of 60% in 2026, with another year of positive operating leverage.

C continues to target a return on tangible common equity (RoTCE) of 10-11% in 2026. U.S. Cards net credit loss (NCL) as a percentage of average loans is expected to be 4-4.5%. In 2025, U.S. Cards NCL was 4.1%. C also plans to continue share repurchases under its $30-billion authorization, with 2026 buybacks expected to exceed the 2025 level.

Citigroup has an expected revenue and earnings growth rate of 11.9% and 40.8%, respectively, for the current year. The Zacks Consensus Estimate for the current year’s earnings has improved 3% over the last seven days.

Goldman Sachs logo appears in this illustration taken December 1, 2025. REUTERS/Dado Ruvic//File Photo Purchase Licensing Rights, opens new tab

CompaniesJuly 21 (Reuters) - Goldman Sachs (GS.N), opens new tab has created a new platform as it looks to expand its private market offerings for wealthy clients, according to ​an internal memo seen by Reuters on Tuesday.

The alternative ‌investment platform will be led by Matt Doherty, who will continue to oversee the Wall Street bank's alternatives business, the memo said.

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The move comes as wealthy ​investors increasingly seek access to privately held companies, where many ​fast-growing startups are staying private for longer, allowing investors ⁠to benefit from rising valuations before an initial public offering.

Companies such ​as Elon Musk's SpaceX (SPCX.O), opens new tab remained privately held for years before going public ​last month even as its valuation surged, fueling demand among wealthy investors for private market investments. The AI boom has only bolstered that interest.

That has prompted ​Wall Street banks to expand their private market offerings for wealthy ​clients.

Alternative capital markets, which manage alternative investments for wealthy clients, will remain the ‌core ⁠business within the platform, the memo showed.

The team will continue to help clients invest in private market assets, advise them on building alternative investment portfolios and manage those portfolios on their behalf.

As part of ​the changes, Goldman ​is creating a ⁠new private company investments team by combining its fiduciary single-asset investment business with its family office-focused direct ​investment business.

The changes are intended to build on the ​growth ⁠of Goldman Sachs' alternatives business and strengthen its private markets platform.

CNBC had reported the news earlier in the day.

Earlier this month, Goldman Sachs exceeded second-quarter ⁠profit ​expectations as dealmaking picked up and market ​volatility amid the U.S.-Iran war boosted equities revenue to a record.

Reporting by Prakhar Srivastava ​in Bengaluru and Saeed Azhar in New York; Editing by Shilpi Majumdar

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Baader Bank Aktiengesellschaft raised its stake in shares of The Goldman Sachs Group, Inc. (NYSE:GS – Free Report) by 26.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,273 shares of the investment management company’s stock after acquiring an additional 480 shares during the quarter. Baader Bank Aktiengesellschaft’s holdings in The Goldman Sachs Group were worth $1,919,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Wilkerson Advisory Group LLC boosted its holdings in shares of The Goldman Sachs Group by 36.7% in the 1st quarter. Wilkerson Advisory Group LLC now owns 82 shares of the investment management company’s stock valued at $69,000 after buying an additional 22 shares during the period. Glenview Trust Co grew its holdings in shares of The Goldman Sachs Group by 1.3% during the first quarter. Glenview Trust Co now owns 99,453 shares of the investment management company’s stock valued at $84,136,000 after purchasing an additional 1,290 shares during the last quarter. One Charles Private Wealth Services LLC grew its holdings in shares of The Goldman Sachs Group by 33.8% during the first quarter. One Charles Private Wealth Services LLC now owns 396 shares of the investment management company’s stock valued at $335,000 after purchasing an additional 100 shares during the last quarter. Rice Partnership LLC acquired a new stake in shares of The Goldman Sachs Group during the 1st quarter worth approximately $7,485,000. Finally, Convergence Investment Partners LLC raised its position in shares of The Goldman Sachs Group by 229.1% during the 1st quarter. Convergence Investment Partners LLC now owns 1,695 shares of the investment management company’s stock worth $1,434,000 after purchasing an additional 1,180 shares during the period. 71.21% of the stock is owned by institutional investors and hedge funds.

Insider Activity at The Goldman Sachs Group In related news, insider Kathryn H. Ruemmler sold 14,292 shares of The Goldman Sachs Group stock in a transaction on Wednesday, May 6th. The stock was sold at an average price of $939.07, for a total transaction of $13,421,188.44. Following the completion of the sale, the insider owned 15,657 shares of the company’s stock, valued at approximately $14,703,018.99. This trade represents a 47.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Alex S. Golten sold 1,116 shares of the business’s stock in a transaction dated Thursday, April 23rd. The shares were sold at an average price of $936.18, for a total value of $1,044,776.88. Following the completion of the transaction, the insider owned 2,578 shares in the company, valued at $2,413,472.04. This trade represents a 30.21% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 32,566 shares of company stock valued at $30,712,978. 0.55% of the stock is owned by company insiders.

Key Headlines Impacting The Goldman Sachs Group Here are the key news stories impacting The Goldman Sachs Group this week:

Positive Sentiment: Goldman Sachs’ research and market commentary are reinforcing a constructive view on the bank sector, with articles highlighting strong Q2 beats, double-digit earnings growth expectations, and attractive non-AI investment themes. This can help sentiment around GS as investors rotate toward financials and away from crowded tech trades. Zacks Market Edge Highlights: Goldman Sachs, Wells Fargo, JPMorgan Chase , Citigroup and Bank of America Positive Sentiment: Goldman Sachs is also getting attention for highlighting “non-AI” winners and for noting that hedge funds are trimming tech exposure at a record pace, which suggests a possible sector rotation into value and financials. That backdrop may be helping GS outperform broader market caution around tech. Buy These Five Non-AI Stocks, Says Goldman Sachs (GS) Positive Sentiment: Several reports point to Goldman Sachs’ strong positioning and successful calls around market themes, including recommendations tied to the cooling AI trade. That can boost confidence in GS as a research leader and a beneficiary of active trading and advisory activity. Scared of the AI trade? Here are three investment themes instead, says Goldman Sachs Neutral Sentiment: Goldman Sachs also reported on inflation broadening out, which is a macro observation rather than a direct company catalyst. It may influence rate expectations and bank-sector trading, but the impact on GS is indirect. Inflation is broadening out, says Goldman economist Neutral Sentiment: The firm announced a proposed public offering of depositary shares / preferred stock. While this strengthens funding flexibility, investors may also see it as a mild overhang because it can increase share count or signal balance-sheet management needs. Goldman Sachs Plans New Preferred Stock Offering Negative Sentiment: Goldman Sachs’ warning that hedge funds are selling U.S. tech stocks at a record pace underscores rising market volatility and a more cautious risk backdrop. Even if that rotation helps banks relatively, it can still make investors more defensive overall. Goldman Says Hedge Funds Sell US Tech Stocks at Record Pace The Goldman Sachs Group Stock Down 1.0% Shares of GS stock opened at $1,054.16 on Tuesday. The company has a debt-to-equity ratio of 2.83, a quick ratio of 0.63 and a current ratio of 1.11. The stock has a market cap of $310.99 billion, a PE ratio of 16.27, a price-to-earnings-growth ratio of 1.11 and a beta of 1.30. The business’s fifty day moving average is $1,037.38 and its 200-day moving average is $947.02. The Goldman Sachs Group, Inc. has a 1 year low of $691.88 and a 1 year high of $1,153.99.

The Goldman Sachs Group (NYSE:GS – Get Free Report) last posted its quarterly earnings results on Tuesday, July 14th. The investment management company reported $20.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $14.47 by $6.51. The firm had revenue of $20.34 billion for the quarter, compared to analyst estimates of $16.22 billion. The Goldman Sachs Group had a net margin of 15.53% and a return on equity of 18.59%. The firm’s quarterly revenue was up 39.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $10.91 earnings per share. Equities analysts expect that The Goldman Sachs Group, Inc. will post 66.83 earnings per share for the current fiscal year.

The Goldman Sachs Group Increases Dividend The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 1st will be paid a $5.00 dividend. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $20.00 annualized dividend and a yield of 1.9%. This is an increase from The Goldman Sachs Group’s previous quarterly dividend of $4.50. The Goldman Sachs Group’s dividend payout ratio (DPR) is currently 27.78%.

Analyst Ratings Changes A number of research firms recently issued reports on GS. Rothschild & Co Redburn boosted their price objective on The Goldman Sachs Group from $870.00 to $920.00 and gave the company a “neutral” rating in a research report on Thursday, June 25th. CICC Research raised their target price on The Goldman Sachs Group from $825.00 to $980.00 and gave the company an “outperform” rating in a research note on Tuesday, May 19th. Bank of America boosted their price target on shares of The Goldman Sachs Group from $1,150.00 to $1,300.00 and gave the company a “buy” rating in a report on Thursday, July 16th. Barclays upped their price target on shares of The Goldman Sachs Group from $1,048.00 to $1,245.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 15th. Finally, JPMorgan Chase & Co. increased their price objective on shares of The Goldman Sachs Group from $900.00 to $955.00 and gave the stock a “neutral” rating in a report on Wednesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $1,061.43.

Check Out Our Latest Stock Analysis on GS

The Goldman Sachs Group Company Profile (Free Report)

The Goldman Sachs Group, Inc is a global investment banking and financial services firm headquartered in New York City. Founded in 1869 as a commercial paper business, the company has grown into a diversified financial institution that provides a broad range of services to corporations, financial institutions, governments and individuals. The firm is led by Chief Executive Officer David M. Solomon and operates across major financial centers worldwide.

Goldman Sachs’ core businesses include investment banking, global markets, asset and wealth management, and consumer banking.

Featured Articles Five stocks we like better than The Goldman Sachs Group The Ugliest Stocks in the Market Just Got a Very Expensive Vote of Confidence Is Domino’s Stock Serving Up a Buying Opportunity? A $1T Black Hole: SpaceX Eyes Pentagon AI to Break Free Why Gold Miners Could Be the Market’s Biggest Comeback Story Want to see what other hedge funds are holding GS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The Goldman Sachs Group, Inc. (NYSE:GS – Free Report).

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Dimensional Fund Advisors LP lifted its position in shares of The Goldman Sachs Group, Inc. (NYSE:GS – Free Report) by 0.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,840,675 shares of the investment management company’s stock after acquiring an additional 9,770 shares during the quarter. Dimensional Fund Advisors LP owned 0.62% of The Goldman Sachs Group worth $1,556,706,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of GS. Norges Bank purchased a new position in The Goldman Sachs Group during the fourth quarter worth approximately $2,515,830,000. Corient Private Wealth LLC increased its position in shares of The Goldman Sachs Group by 1,657.7% in the fourth quarter. Corient Private Wealth LLC now owns 2,596,487 shares of the investment management company’s stock valued at $2,282,312,000 after buying an additional 2,448,767 shares in the last quarter. International Assets Investment Management LLC purchased a new stake in shares of The Goldman Sachs Group in the first quarter valued at approximately $2,024,921,000. Northwestern Mutual Wealth Management Co. raised its stake in shares of The Goldman Sachs Group by 428.4% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 556,254 shares of the investment management company’s stock worth $488,947,000 after buying an additional 450,984 shares during the period. Finally, Diamant Asset Management Inc. raised its stake in shares of The Goldman Sachs Group by 84,499.0% during the 1st quarter. Diamant Asset Management Inc. now owns 422,995 shares of the investment management company’s stock worth $35,785,000 after buying an additional 422,495 shares during the period. Hedge funds and other institutional investors own 71.21% of the company’s stock.

The Goldman Sachs Group News Roundup Here are the key news stories impacting The Goldman Sachs Group this week:

Positive Sentiment: Goldman Sachs was added to the Zacks Rank #1 (Strong Buy) list, reinforcing bullish sentiment around the stock after its strong quarterly results. Positive Sentiment: The bank also made Zacks’ Strong Buy income stocks list, reflecting investor interest in Goldman Sachs as a dividend and total-return play. Positive Sentiment: Bank of America raised its price target on Goldman Sachs to $1,300 from $1,150 and kept a buy rating, implying additional upside from current levels. Positive Sentiment: JPMorgan and other commentary highlighted Goldman Sachs’ strong first-half M&A performance, along with record Q2 results and a 25% dividend increase plus a $4 billion share repurchase program. Positive Sentiment: Goldman Sachs’ equity underwriting revenue jumped sharply, helped by renewed capital markets activity and AI-related deal flow, which supports optimism for future investment banking revenue. Neutral Sentiment: Separately, Goldman Sachs disclosed a 3.5% voting interest in Qiagen, a portfolio-related filing that is not clearly material to Goldman’s own earnings outlook. Analyst Upgrades and Downgrades GS has been the topic of a number of research analyst reports. Keefe, Bruyette & Woods lifted their price target on shares of The Goldman Sachs Group from $1,050.00 to $1,130.00 and gave the company a “market perform” rating in a research note on Wednesday, July 15th. Wall Street Zen upgraded shares of The Goldman Sachs Group from a “hold” rating to a “buy” rating in a research report on Saturday. CICC Research increased their price objective on shares of The Goldman Sachs Group from $825.00 to $980.00 and gave the company an “outperform” rating in a report on Tuesday, May 19th. Citigroup lifted their target price on shares of The Goldman Sachs Group from $1,100.00 to $1,200.00 and gave the company a “neutral” rating in a research report on Thursday. Finally, Oppenheimer cut shares of The Goldman Sachs Group from a “market perform” rating to an “underperform” rating in a research note on Tuesday, June 30th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, The Goldman Sachs Group presently has a consensus rating of “Hold” and an average target price of $1,061.43.

Read Our Latest Analysis on GS

The Goldman Sachs Group Stock Up 0.1% Shares of GS opened at $1,066.28 on Monday. The stock has a 50 day moving average price of $1,035.20 and a 200 day moving average price of $945.82. The Goldman Sachs Group, Inc. has a one year low of $691.88 and a one year high of $1,153.99. The company has a debt-to-equity ratio of 2.83, a quick ratio of 0.63 and a current ratio of 1.11. The stock has a market capitalization of $314.56 billion, a price-to-earnings ratio of 16.46, a PEG ratio of 1.11 and a beta of 1.30.

The Goldman Sachs Group (NYSE:GS – Get Free Report) last announced its earnings results on Tuesday, July 14th. The investment management company reported $20.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $14.47 by $6.51. The company had revenue of $20.34 billion for the quarter, compared to analysts’ expectations of $16.22 billion. The Goldman Sachs Group had a net margin of 15.53% and a return on equity of 18.59%. The firm’s quarterly revenue was up 39.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $10.91 EPS. Equities research analysts forecast that The Goldman Sachs Group, Inc. will post 66.83 earnings per share for the current fiscal year.

The Goldman Sachs Group Increases Dividend The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 1st will be paid a dividend of $5.00 per share. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $20.00 annualized dividend and a yield of 1.9%. This is a boost from The Goldman Sachs Group’s previous quarterly dividend of $4.50. The Goldman Sachs Group’s dividend payout ratio is currently 27.78%.

Insider Buying and Selling at The Goldman Sachs Group In other news, insider Kathryn H. Ruemmler sold 14,292 shares of the business’s stock in a transaction that occurred on Wednesday, May 6th. The stock was sold at an average price of $939.07, for a total transaction of $13,421,188.44. Following the transaction, the insider directly owned 15,657 shares in the company, valued at $14,703,018.99. The trade was a 47.72% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Denis P. Coleman sold 6,857 shares of the company’s stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $973.55, for a total value of $6,675,632.35. Following the completion of the sale, the chief financial officer owned 31,070 shares of the company’s stock, valued at $30,248,198.50. This trade represents a 18.08% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 32,566 shares of company stock worth $30,712,978 in the last 90 days. 0.55% of the stock is currently owned by insiders.

The Goldman Sachs Group Company Profile (Free Report)

The Goldman Sachs Group, Inc is a global investment banking and financial services firm headquartered in New York City. Founded in 1869 as a commercial paper business, the company has grown into a diversified financial institution that provides a broad range of services to corporations, financial institutions, governments and individuals. The firm is led by Chief Executive Officer David M. Solomon and operates across major financial centers worldwide.

Goldman Sachs’ core businesses include investment banking, global markets, asset and wealth management, and consumer banking.

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Aire Advisors LLC acquired a new stake in The Goldman Sachs Group, Inc. (NYSE:GS – Free Report) during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 550 shares of the investment management company’s stock, valued at approximately $465,000.

A number of other institutional investors also recently modified their holdings of the stock. Norges Bank bought a new stake in shares of The Goldman Sachs Group in the 4th quarter valued at approximately $2,515,830,000. Corient Private Wealth LLC grew its position in The Goldman Sachs Group by 1,657.7% in the fourth quarter. Corient Private Wealth LLC now owns 2,596,487 shares of the investment management company’s stock worth $2,282,312,000 after acquiring an additional 2,448,767 shares in the last quarter. International Assets Investment Management LLC acquired a new position in shares of The Goldman Sachs Group during the 1st quarter worth $2,024,921,000. Northwestern Mutual Wealth Management Co. increased its stake in shares of The Goldman Sachs Group by 428.4% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 556,254 shares of the investment management company’s stock worth $488,947,000 after purchasing an additional 450,984 shares during the last quarter. Finally, Diamant Asset Management Inc. raised its holdings in shares of The Goldman Sachs Group by 84,499.0% during the 1st quarter. Diamant Asset Management Inc. now owns 422,995 shares of the investment management company’s stock valued at $35,785,000 after purchasing an additional 422,495 shares in the last quarter. Institutional investors and hedge funds own 71.21% of the company’s stock.

The Goldman Sachs Group Trading Down 2.7% GS stock opened at $1,066.28 on Friday. The Goldman Sachs Group, Inc. has a fifty-two week low of $691.88 and a fifty-two week high of $1,153.99. The stock has a market capitalization of $314.56 billion, a price-to-earnings ratio of 16.46, a P/E/G ratio of 1.24 and a beta of 1.30. The company has a debt-to-equity ratio of 2.83, a current ratio of 1.11 and a quick ratio of 0.63. The business has a fifty day moving average price of $1,035.20 and a 200 day moving average price of $945.44.

The Goldman Sachs Group (NYSE:GS – Get Free Report) last posted its quarterly earnings data on Tuesday, July 14th. The investment management company reported $20.98 earnings per share for the quarter, topping the consensus estimate of $14.47 by $6.51. The firm had revenue of $20.34 billion during the quarter, compared to analysts’ expectations of $16.22 billion. The Goldman Sachs Group had a net margin of 15.53% and a return on equity of 18.59%. The Goldman Sachs Group’s revenue was up 39.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $10.91 EPS. Analysts expect that The Goldman Sachs Group, Inc. will post 64.34 EPS for the current fiscal year.

The Goldman Sachs Group Increases Dividend The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 1st will be issued a dividend of $5.00 per share. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $20.00 annualized dividend and a yield of 1.9%. This is an increase from The Goldman Sachs Group’s previous quarterly dividend of $4.50. The Goldman Sachs Group’s dividend payout ratio (DPR) is presently 27.78%.

Analyst Upgrades and Downgrades Several equities research analysts recently issued reports on the stock. Rothschild & Co Redburn lifted their price objective on shares of The Goldman Sachs Group from $870.00 to $920.00 and gave the company a “neutral” rating in a research note on Thursday, June 25th. JPMorgan Chase & Co. increased their price objective on The Goldman Sachs Group from $900.00 to $955.00 and gave the company a “neutral” rating in a report on Wednesday. Keefe, Bruyette & Woods raised their price objective on The Goldman Sachs Group from $1,050.00 to $1,130.00 and gave the company a “market perform” rating in a research note on Wednesday. BNP Paribas Exane reduced their target price on The Goldman Sachs Group from $970.00 to $940.00 and set a “neutral” rating for the company in a report on Friday, April 24th. Finally, Oppenheimer lowered shares of The Goldman Sachs Group from a “market perform” rating to an “underperform” rating in a research note on Tuesday, June 30th. Nine analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $1,061.43.

View Our Latest Research Report on The Goldman Sachs Group

The Goldman Sachs Group News Roundup Here are the key news stories impacting The Goldman Sachs Group this week:

Positive Sentiment: Goldman Sachs was added to the Zacks Rank #1 (Strong Buy) list, reinforcing bullish sentiment around the stock after its strong quarterly results. Positive Sentiment: The bank also made Zacks’ Strong Buy income stocks list, reflecting investor interest in Goldman Sachs as a dividend and total-return play. Positive Sentiment: Bank of America raised its price target on Goldman Sachs to $1,300 from $1,150 and kept a buy rating, implying additional upside from current levels. Positive Sentiment: JPMorgan and other commentary highlighted Goldman Sachs’ strong first-half M&A performance, along with record Q2 results and a 25% dividend increase plus a $4 billion share repurchase program. Positive Sentiment: Goldman Sachs’ equity underwriting revenue jumped sharply, helped by renewed capital markets activity and AI-related deal flow, which supports optimism for future investment banking revenue. Neutral Sentiment: Separately, Goldman Sachs disclosed a 3.5% voting interest in Qiagen, a portfolio-related filing that is not clearly material to Goldman’s own earnings outlook. Insider Transactions at The Goldman Sachs Group In other news, CFO Denis P. Coleman sold 6,857 shares of the firm’s stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $973.55, for a total value of $6,675,632.35. Following the transaction, the chief financial officer owned 31,070 shares of the company’s stock, valued at approximately $30,248,198.50. This trade represents a 18.08% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Kathryn H. Ruemmler sold 14,292 shares of The Goldman Sachs Group stock in a transaction that occurred on Wednesday, May 6th. The stock was sold at an average price of $939.07, for a total transaction of $13,421,188.44. Following the sale, the insider owned 15,657 shares of the company’s stock, valued at approximately $14,703,018.99. This represents a 47.72% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 32,566 shares of company stock valued at $30,712,978. 0.55% of the stock is owned by company insiders.

About The Goldman Sachs Group (Free Report)

The Goldman Sachs Group, Inc is a global investment banking and financial services firm headquartered in New York City. Founded in 1869 as a commercial paper business, the company has grown into a diversified financial institution that provides a broad range of services to corporations, financial institutions, governments and individuals. The firm is led by Chief Executive Officer David M. Solomon and operates across major financial centers worldwide.

Goldman Sachs’ core businesses include investment banking, global markets, asset and wealth management, and consumer banking.

Read More Five stocks we like better than The Goldman Sachs Group AST SpaceMobile Stock Sinks as SpaceX Fallout Rattles Space Sector Aehr Test Systems Stock Soars on Earnings, Eyes Over 150% Revenue Growth TSMC Just Gave AI Chip Bulls Another Reason to Stay Confident GE Aerospace Faces a Prove-It Moment in Q2 Earnings Want to see what other hedge funds are holding GS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The Goldman Sachs Group, Inc. (NYSE:GS – Free Report).

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The 130-year-old Dow Jones Industrial Average (^DJI 0.77%) is one of the oldest and most iconic stock market indexes. And with just 30 components, it is far more selective than the S&P 500 or the thousands of companies listed on the Nasdaq Composite.

And while the Dow is getting more tech-focused -- most notably with its addition of Alphabet in June -- no component holds more weight than Goldman Sachs (GS 2.67%).

Here's why Goldman Sachs is so large that it can single-handedly move the index, and why a stock split could be in the cards before the end of the year.

Image source: Getty Images.

A Goldman Sachs stock split is coming The Dow is a price-weighted index. So, companies are weighted by their stock prices rather than by market cap. Modern market mechanics make it easy to weight an index like the S&P 500 and Nasdaq in real time using market cap. But back in 1896, when Charles Dow published the index, it was more convenient to simply add up the stock prices of the components and divide by the number of components to get the average.

Goldman Sachs has never issued a stock split since going public in 1999. But the stock has been on an absolute tear -- tripling over the last five years and rising 9% on July 14 to an all-time high closing price of $1,140 per share.

Goldman Sachs is the only Dow stock trading above $1,000 per share and accounts for 12.9% of the index. For context, the median-priced Dow stock is closer to $250 per share.

Goldman Sachs' high share price is reason alone for it to issue a 4-for-1 stock split. But what makes the argument even more compelling is that the financial sector accounts for such a large share of the Dow.

The financial stocks in the Dow are all within striking distance of all-time highs, and none have issued stock splits for over a decade.

GS data by YCharts.

Goldman Sachs, Visa, American Express, JPMorgan Chase, and Travelers Companies are all top-10 components in the Dow and make up a combined 28.6% of the index -- by far the most of any sector. For context, financials make up just 11.8% of the S&P 500.

Even if Goldman Sachs issued a 4-for-1 stock split, financials would still be highest weighted sector in the Dow.

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Goldman Sachs exposes a glaring flaw in the Dow Even if you're not interested in investing in Goldman Sachs directly, its high share price and inclusion in the Dow illustrate just how influential a single stock can be on the storied index.

These market dynamics are worth paying attention to, as an up day in the Dow under its current structure could just mean Goldman Sachs and the financial sector are going up, rather than the broader market.

Until Goldman Sachs issues a stock split or the financial sector's weighting declines, investors are better off using the S&P 500 as a benchmark because it better reflects the most valuable U.S. companies.

JPMorgan Chase is an advertising partner of Motley Fool Money. American Express is an advertising partner of Motley Fool Money. Daniel Foelber has positions in American Express. The Motley Fool has positions in and recommends Alphabet, American Express, Goldman Sachs Group, JPMorgan Chase, and Visa. The Motley Fool has a disclosure policy.

US banks look like they are trying to move to the upside, but this is a market that has a lot of external influences.

GS Technical Analysis

The Goldman Sachs daily chart shows a firm uptrend holding well above its moving averages. Source: TradingView. Goldman Sachs looks like it’s going to open up pretty much where it closed, as we continue to see momentum in the market after stronger-than-anticipated earnings, and of course, the whole idea with interest rate markets offering plenty of trading opportunities for those active desks out there. It does make sense that Goldman would continue to be a major victor here.

Short-term pullbacks have been bought into, and this is a market that is very much in an uptrend and continues to look very strong. It is very difficult to consider shorting it at this point in time. One would have to believe that if we do, in fact, get some type of pullback, it should offer value.

C Technical Analysis

The Citigroup daily chart shows price stabilizing at its 50-day EMA, with $145 resistance overhead. Source: TradingView. Citigroup looks like it’s going to open a little higher as we hang around the 50-day EMA. There were some comments during the earnings call a couple of days ago that really shook this market, but stabilizing during the Wednesday session and perhaps rising on Thursday could be a good sign. So, I think some people will be watching this as a potential opportunity to get into the overall uptrend that has been in effect for quite some time.

The $145 level above had offered resistance. Buyers could be looking to get there. If we break down below the bottom of the candlestick from Wednesday, that obviously would be a sign that the sellers have returned and could be very negative.

JPM Technical Analysis The JPMorgan daily chart shows price pushing into new high ground, stalling near $350. Source: TradingView. The market for JPMorgan Chase is a little bit positive at the pre-market trading despite the fact that a massive shooting star had formed during the previous session. Stronger-than-anticipated earnings coming out of JPMorgan have helped lift it as well. One has to look at this through the prism of a longer-term uptrend, and we just broke new ground, so maybe that’s some of the pushback that we got on Wednesday, just simple profit-taking.

But at this point, it certainly looks like this is a market that wants to continue to be bullish. The $350 level seems to have been a trigger for selling. It’s possible that perhaps options traders had something to do with that.

If you’d like to know more about technical analysis and how traders use it, please visit our educational area.

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Goldman Sachs senior counsel ​Kathy Ruemmler on Wednesday ‌told a House committee investigating convicted sex offender ​Jeffrey Epstein that if ​she had known he ⁠was abusing women ​or girls, she would have ​reported him to law enforcement.

Goldman Sachs Group Inc (NYSE:GS) posted upbeat earnings for the second quarter on Tuesday.

The firm reported earnings of $20.98 per share, well above the analyst consensus estimate of $14.40. Net revenue increased 39% year over year to $20.34 billion, beating the consensus estimate of $16.13 billion, driven by strength in its Global Banking & Markets business.

Goldman Sachs CEO David Solomon said the AI investment cycle is driving capital demand beyond core technology into infrastructure, energy, and data centers. He said the artificial intelligence investment cycle remains in its early stages despite helping drive the bank’s record second-quarter results.

Goldman Sachs shares rose 0.3% to $1,143.00 in pre-market trading.

These analysts made changes to their price targets on Goldman Sachs following earnings announcement.

Considering buying GS stock? Here’s what analysts think:

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American megabanks on Tuesday gave evidence that the global artificial intelligence boom isn't just benefiting tech giants and chip makers.

Goldman Sachs and JPMorgan Chase each posted record quarterly revenue hauls, fueled by massive gains in equities trading and investment banking.

Behind the surge in activity — Goldman revenue jumped 39% to $20.3 billion, while JPMorgan saw it rise 27% to $58 billion — is the fact that AI is "everywhere in financial markets," JPMorgan CFO Jeremy Barnum told reporters.

"These are booming environments with a ton of activity, big IPOs, big index rebalancing, a lot of activity in Asia," Barnum said Tuesday. "A lot of it is downstream of the AI theme, writ large on a global basis. It's just a very, very, very active environment."

The quarter showed that the AI boom is creating winners far beyond Silicon Valley. While Nvidia and hyperscalers including Alphabet have captured many of the headlines, Goldman, JPMorgan and other banks are profiting from the massive flows of capital into AI.

They are advising on AI-related deals, financing data centers and power infrastructure, underwriting debt and equity offerings, and facilitating the surge in trading that has accompanied the global race to deploy the technology.

That is creating "a ripple effect" across the American economy and giving banks a flood of new opportunities to provide financing and trading solutions across public and private markets, Goldman CEO David Solomon told analysts Tuesday.

"We are in the middle of an AI capex super cycle where there are demands on financing in every single financing instrument, in every region of the world and across every single industry," Solomon said. Capex is short for capital expenditures, or investments made by a business for physical assets like factories.

Goldman is preparing for a three-to-five year investment cycle that is still in its early stages, he told analysts.

Goldman shares jumped 8% in afternoon trading, while JPMorgan rose 2%.

AI 'tipping point'While the AI buildout isn't new, what's changed is that it has broadened out beyond chips and software to include power providers and infrastructure players.

The top beneficiaries of this trend are the three biggest Wall Street firms: Goldman Sachs, JPMorgan and Morgan Stanley, according to Wells Fargo banking analyst Mike Mayo.

The AI investment boom "reached a tipping point" in the second quarter, Mayo said.

Mayo increased his price targets for Goldman and JPMorgan after Tuesday's blowout results. Morgan Stanley is scheduled to report earnings on Wednesday.

The clearest evidence of the AI impact appeared in equities trading, where global capital flows and blockbuster transactions helped produce some of the biggest revenue surprises of the quarter.

Revenue from equities trading rose 86% to $6 billion at JPMorgan and 72% to $7.42 billion at Goldman. Combined, that was a whopping $4.4 billon more than analysts had expected.

Other large banks also benefited. Bank of America, the second biggest U.S. lender by assets, saw equity trading revenue rise 70% to $3.6 billion.

Helping the quarter, investors broadened out their search for AI beneficiaries, pouring money into Asian markets, including South Korea, Taiwan and Japan, Soofian Zuberi, president and co-head of Global Markets at Bank of America, told CNBC.

"People looked at the AI trade and said, 'What are the best reflections of it outside the U.S?,'" Zuberi said. "You've got American clients who are diversifying and allocating more money to Asia, including foundations, the endowments, and family offices."

SpaceX, AlphabetThe AI impact also showed up in the banks' strong advisory banking revenue for the second quarter.

Investment banking revenue at Goldman jumped 55% to $3.4 billion, and climbed 30% to $3.3 billion at JPMorgan Chase. That is a combined $1 billion more than analysts had expected.

In the quarter, Goldman was lead advisor on the SpaceX IPO and Alphabet's $90 billion equity issuance and advised Dominion Energy on its sale to NextEra Energy, all moves driven by the AI cycle.

At Bank of America, investment banking fees jumped 50% to $2.1 billion.

At the same time as they reap record fees driven by AI, banks are starting to benefit from implementing the technology internally. That should help them increase revenue while keeping a lid on headcount and other expenses.

"AI is driving banking by helping streamline processes," Zubieri said. "And banking is driving AI, because without banking you can't have all these data centers financed."

14.7.2026 22:09

Zámořské akciové trhy během dnešního obchodování posílily, k čemuž přispěla nečekaně nízká čísla o červnové inflaci v USA, která zmírnila obavy z dalšího zvyšování úrokových sazeb ze strany Fedu. Širší index S&P 500 vzrostl o 0,38 % na 7543,86 bodu a technologický Nasdaq Composite si připsal 0,9 % na 26107,01 bodu, zatímco index Dow Jones zakončil se ziskem 0,02 % na hodnotě 52508,27 bodu. Pozitivní náladu na trhu podpořily také solidní hospodářské výsledky velkých bank na začátku nové výsledkové sezóny.

Z jednotlivých odvětví indexu S&P 500 zaznamenaly nejvýraznější růst informační technologie o 1,3 %, následované komunikačními službami, které přidaly 1,1 %, a finančním sektorem se ziskem 0,4 %. Naopak nejvíce oslabila zdravotní péče, která odepsala 1,9 %. V červených číslech skončila také nezbytná spotřeba se ztrátou 1,4 % a reality, které klesly o 0,4 %.

Mezi nejúspěšnější tituly dne se zařadila kyberbezpečnostní společnost Crowdstrike Holdings (CRWD) s nárůstem o 12 %. Výrazně posílila také investiční banka Goldman Sachs Group (GS) o 9,0 %, prodejce aut Carvana (CVNA) o 8,3 %, Palo Alto Networks (PANW) o 6,8 % a Monolithic Power Systems (MPWR) se ziskem 7,1 %. Na druhé straně po slabších kvartálních tržbách prudce propadla společnost IBM (IBM), která odepsala 25 %. Nedařilo se ani společnosti Biogen (BIIB) se ztrátou 8,2 %, HCA Healthcare (HCA) s poklesem o 7,0 %, Intuitive Surgical (ISRG) o 6,8 % a GE HealthCare Technologies (GEHC), která oslabila o 6,1 %.

Na komoditním trhu rostla severoamerická lehká ropa WTI o 1,9 % na 79,65 dolaru za barel a spotové zlato posílilo o 1,3 % na 4054,53 dolaru za unci. Americký dolar pod vlivem inflačních dat oslabil. Euro vůči němu vzrostlo o 0,4 % na 1,1424 dolaru a britská libra si připsala 0,3 % na 1,3383 dolaru, zatímco japonský jen posílil o 0,1 % na 162,19 jenu za dolar. Výnosy desetiletých američních vládních dluhopisů v reakci na nižší inflaci klesly o čtyři bazické body na 4,58 %. Bitcoin zaznamenal nárůst o 3,9 % na 64554,91 dolaru.

Index Dow Jones +0,02 % na 52508,27 b.
S&P 500 +0,38 % na 7543,86 b.
Nasdaq Composite +0,9 % na 26107,01 b.

Index S&P 500 +0,38 % na 7543,86 b. Nejsilnější sektory S&P Změna Nejslabší sektory S&P Změna Informační technologie +1,3 % Zdravotní péče -1,9 % Komunikační služby +1,1 % Nezbytná spotřeba -1,4 % Energie +0,4 % Reality -0,4 % Nejsilnější akcie S&P Změna Nejslabší akcie S&P Změna Crowdstrike Holdings (CRWD) +12 % IBM (IBM) -25 % Goldman Sachs Group (GS) +9,0 % Biogen (BIIB) -8,2 % Carvana (CVNA) +8,3 % HCA Healthcare (HCA) -7,0 % Dell Technologies (DELL) +7,1 % Intuitive Surgical (ISRG) -6,8 % Palo Alto Networks (PANW) +6,8 % Stryker Corp (SYK) -6,1 %
Daniel Marván
Fio banka, a.s.
Prohlášení

U.S. stocks were mixed, with the Dow Jones index falling around 100 points on Tuesday.

Shares of Goldman Sachs Group Inc (NYSE:GS) rose sharply following the release of quarterly results.

The firm reported earnings of $20.98 per share, well above the analyst consensus estimate of $14.40. Net revenue increased 39% year over year to $20.34 billion, beating the consensus estimate of $16.13 billion, driven by strength in its Global Banking & Markets business.

Goldman Sachs shares jumped 6.9% to $1,118.38 on Tuesday.

Here are some other big stocks recording gains in today’s session.

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Goldman Sachs Group Inc (NYSE:GS, XETRA:GOS) shares rose more than 6% on Tuesday after the investment bank reported second quarter results that exceeded Wall Street expectations, driven by strong performances in investment banking and trading.

For the quarter ended June 30, Goldman Sachs reported net earnings of $6.63 billion, or $20.98 per diluted share, compared with consensus estimates of $14.48 per share.

Net revenue rose 39% from a year earlier to $20.34 billion, ahead of analysts' expectations of $16.13 billion.

The bank generated an annualized return on average common shareholders' equity of 23.5% during the quarter.

Global Banking & Markets revenue increased 53% year over year to $15.52 billion.

Investment banking fees rose 55% to $3.40 billion, reflecting stronger equity underwriting, debt underwriting and advisory activity. Goldman Sachs said equity underwriting benefited from increased secondary offerings and initial public offerings, while debt underwriting was driven by leveraged finance and asset-backed issuance.

Advisory revenue also increased as completed mergers and acquisitions activity improved. The firm's investment banking backlog increased from both the end of the first quarter and year-end 2025.

Fixed Income, Currency and Commodities (FICC) revenue rose 32% to $4.59 billion, supported by higher activity in interest rate products, commodities and mortgages, while equities revenue climbed 72% to a record $7.42 billion on stronger derivatives, cash equities and prime financing activity.

Asset & Wealth Management revenue increased 20% to $4.60 billion, helped by higher management fees as assets under supervision grew and stronger gains from private equity investments.

Platform Solutions revenue declined 64% to $221 million, primarily reflecting markdowns related to the Apple Card loan portfolio, which had previously been transferred to held for sale.

Provision for credit losses fell to $102 million from $384 million a year earlier.

Book value per common share increased 1.8% during the quarter to $367.67, while the bank announced it will raise its quarterly dividend to $5 per common share in the third quarter.

Jefferies analysts described the results as materially ahead of expectations, writing that the quarter "handily exceed a high bar."

The firm noted that the earnings beat was driven primarily by exceptionally strong equities trading, with additional support from fixed-income trading, investment banking and asset and wealth management.

The analysts also pointed to a lower-than-expected compensation ratio, an increase in the investment banking backlog, stronger-than-expected share repurchases of $4.0 billion and an efficiency ratio of 57.4%, below the firm's long-term target of 60%.

Jefferies said debt underwriting produced the largest upside surprise within investment banking, supported by record leveraged finance and asset-backed issuance, while equity underwriting benefited from robust IPO and secondary market activity. The firm also highlighted record equities trading revenue and stronger-than-expected FICC results, driven by interest rate products, mortgages and financing activity.

In asset and wealth management, Jefferies said higher management fees, private equity investment gains and solid client inflows contributed to the segment's outperformance. The analysts also noted Goldman Sachs generated strong capital returns during the quarter, repurchasing more shares than expected while delivering robust returns on tangible common equity despite lower risk-weighted assets.

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Key Takeaways Goldman beat Q2 earnings estimates as record trading and IB revenues boosted the results.GS posted record Equities revenues, and FICC and investment banking fees rose sharply.Goldman returned $5.36B to shareholders and raised its quarterly dividend 11%. The Goldman Sachs Group, Inc. (GS - Free Report) has reported second-quarter 2026 earnings per share of $20.98, which topped the Zacks Consensus Estimate of $14.47. The metric also surged 92% from $10.91 a year ago. 

Driven by robust client activity, Goldman posted record net revenues in Equities of $7.42 billion, which jumped 72% year over year, while fixed income, currencies and commodities (FICC) revenues climbed 32% to $4.59 billion. Strong dealmaking activity lifted investment banking (IB) fees 55% to $3.40 billion, supported by solid growth in advisory, equity underwriting and record debt underwriting revenues. Driven by these positives, shares of Goldman rose nearly 3% in the early trading session. A full day’s trading session will depict a clearer picture.

Goldman’s overall results benefited from strong revenue growth in the Global Banking & Markets and Asset & Wealth Management businesses, while profitability was highlighted by an annualized return on equity of 23.5%. However, higher operating expenses created a headwind. Shares of the company rose in the pre-market trading following the earnings release. 

Net earnings attributable to common shareholders were $6.40 billion, up 84% year over year.

GS’s Revenues & Expenses IncreaseNet revenues were $20.34 billion, rising 39% year over year and comfortably surpassing the Zacks Consensus Estimate of $16.49 billion by 23.3%. 

On the cost side, operating expenses were $11.67 billion, up 26% from the prior-year quarter. Management attributed the increase primarily to significantly higher compensation and benefits expenses, reflecting improved operating performance, along with substantially higher transaction-based expenses.

Even with higher costs, Goldman’s efficiency ratio declined 6 basis points to 57.4% for the quarter, reflecting continued operating leverage.

Provision for credit losses was $102 million, down sharply from $384 million in the year-ago quarter, primarily reflecting impairments related to wholesale loans.

Goldman’s Quarterly Segmental PerformanceAsset & Wealth Management generated net revenues of $4.60 billion, up 20% year over year. The increase primarily reflected record management and other fees, driven by higher average assets under supervision and significantly higher investment gains from private equity investments, partially offset by weaker private banking and lending revenues. The franchise continued to scale meaningfully. Total assets under supervision increased to a record $4.04 trillion, reflecting $230 billion in total net inflows and $91 billion in long-term net inflows during the quarter.

Global Banking & Markets generated record net revenues of $15.52 billion, up 53% year over year. Growth was driven by record Equities revenues, stronger FICC performance and significantly higher investment banking fees across advisory, equity underwriting and debt underwriting.

Platform Solutions reported net revenues of $221 million, down 64% from the year-ago quarter. The decline primarily reflected net markdowns related to the Apple Card loan portfolio, which had previously been transferred to held for sale.

GS’ Balance Sheet & Capital PositionGoldman ended the second quarter with total assets of $2.13 trillion, up from $2.06 trillion at the end of the first quarter, while deposits were $558 billion compared with $561 billion in the previous quarter. Total loans increased sequentially to $261 billion from $253 billion.

Capital ratios strengthened sequentially. The standardized CET1 capital ratio improved to 12.9% from 12.5%, while the advanced CET1 ratio rose to 13.7% from 13.3%. The supplementary leverage ratio was 4.3% compared with 4.7% in the prior quarter. 

During the quarter, Goldman returned $5.36 billion to shareholders, including $4 billion in common share repurchases and $1.36 billion in common stock dividends. Moreover, after clearing this year’s stress test, the company also raised its quarterly dividend 11% to $5 per share, effective in the third quarter.

Our View on GSGoldman delivered an exceptional second quarter, fueled by record performances across trading and IB businesses. Robust client activity, strong capital markets execution and continued momentum in Asset & Wealth Management drove results. While higher operating expenses remain worth monitoring, improving credit costs, record assets under supervision and strong capital ratios reinforce Goldman’s favorable long-term growth outlook.

Currently, Goldman carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Performance & Earnings Dates of Other Financial FirmsJPMorgan’s (JPM - Free Report) second-quarter 2026 adjusted earnings of $6.14 per share beat the Zacks Consensus Estimate of $5.59 by 9.8%. The bottom line was up 17.2% from $5.24 reported a year ago.

Strong Markets and IB activity powered core growth for JPMorgan, while net interest income (NII) got support from decent loan demand.

Morgan Stanley (MS - Free Report) is slated to report second-quarter 2026 numbers tomorrow.

Over the past week, the Zacks Consensus Estimate for Morgan Stanley’s quarterly earnings has been revised 4% north to $2.89. This indicates 35.7% growth from the prior-year quarter.

By PYMNTS  |  July 14, 2026

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Highlights

Goldman Sachs’ record quarter reflects more than a trading windfall. Revenue rose 39% to $20.34 billion as investment banking, underwriting and market activity strengthened across the firm.

The AI investment boom is becoming a full-bank revenue engine. Spending on data centers, power, real estate, chips and infrastructure is generating advisory, financing, trading, private-credit and wealth-management opportunities.

Goldman’s advantage is its ability to monetize one corporate decision repeatedly. A single AI-related transaction can produce fees across dealmaking, capital markets, risk management and asset management, reinforcing Wall Street’s traditional revenue flywheel.

The most recent earnings period shows that when capital markets become unusually active, leading banks are looking to monetize nearly every stage of that activity.

That, at least, was the case with Goldman Sachs, which on Tuesday (July 14) announced record quarterly net revenue of $20.34 billion, up 39% from a year earlier, while net earnings jumped 78% to $6.63 billion.

“Momentum has accelerated throughout our businesses. Clients are turning to us to lead their most strategic and consequential transactions, which are often the genesis of activity across the franchise,” Chairman and CEO David Solomon said on the bank’s investor call Tuesday.

Goldman Sachs beat analyst expectations healthily across all estimates, and the bank’s record second-quarter results initially look like a familiar Wall Street story: Volatility increased, clients traded more, companies returned to capital markets and the investment bank sitting closest to that activity produced a windfall.Goldman’s Global Banking and Markets division generated a record $15.52 billion in revenue, 53% more than a year earlier. Investment-banking fees increased 55% to $3.40 billion as equity underwriting more than doubled and debt underwriting reached a record.

But the quarter’s more consequential business signal was not simply that Goldman had an unusually profitable trading period. It was that the artificial intelligence investment boom is beginning to function as a full-firm revenue engine.

See also: Why Decentralized Systems Can’t Clear the CFO Sniff Test 

AI Is Expanding the Addressable Market for Banks Large-company M&A volumes rose 90% during the first half of 2026, CEO David Solomon told analysts. Goldman advised on $1.2 trillion of announced transactions, giving it a roughly $425 billion lead over its closest competitor. Even after converting part of that pipeline into second-quarter revenue, the firm’s investment-banking backlog increased to its highest level in five years and its second highest on record.

But rather than extolling traditional dealmaking wins, Goldman’s executives spent much of Tuesday’s call positioning the AI investment cycle today as a multiyear generator of advisory, underwriting, financing, trading and wealth-management revenue.

Artificial intelligence is no longer generating business only for technology bankers or the underwriting teams handling semiconductor and data-center financings. The capital cycle is extending into the AI boom’s physical buildout. After all, the buildout requires real estate, power generation, transmission capacity, cooling systems, commodities and structured financing. Suppliers need working capital. Infrastructure developers need private credit. Technology companies may issue shares or debt. Utilities may acquire assets or restructure portfolios to meet new energy requirements.

That expansion plays directly into Goldman’s effort to connect its historically volatile investment-banking and trading businesses with more durable financing and asset-management revenue. Solomon described this as a “multiplier effect,” with advisory assignments serving as the starting point for financing, risk management, capital-markets execution and investment opportunities across the firm.

Goldman sees the cycle as being in its early stages, but Solomon was careful not to describe it as linear. He acknowledged that spending could be recalibrated as companies learn how much infrastructure is needed, how enterprises will purchase computing capacity, how chip efficiency evolves and how AI services are ultimately priced.

See also: AI Agents Push CFOs to Rethink Business Payments 

The Wall Street Flywheel Effect Is Back Goldman’s second quarter suggests that when corporate transactions, investor volatility and financing demand arrive together, a traditional banking model of extracting more revenue from fewer, deeper relationships remains extremely difficult to replicate.

Still, the bank’s results were not uniformly strong. Platform Solutions revenue fell 64% to $221 million, primarily because of markdowns associated with the Apple Card loan portfolio, which Goldman had moved into held-for-sale status. The decline is another reminder that the firm’s retreat from consumer banking continues to impose costs even as its core Wall Street businesses prosper.

Goldman’s attempt to make its earnings less dependent on capital markets was also visible in Asset and Wealth Management, where revenue rose 20% to $4.60 billion. Since the beginning of 2025, Goldman bankers have made nearly 900 referrals to the wealth-management business, according to Solomon.

The firm is applying a similar model to institutional clients. Its new mandates involving $70 billion in Verizon and Lockheed Martin retirement assets strengthen a fee-based business serving companies that increasingly want outside managers to oversee complex portfolios spanning public and private markets.

The strategy is not merely to win more deals or execute more trades. It is to place Goldman at enough points in the capital cycle that one strategic corporate decision can generate revenue throughout the organization. AI may be the catalyst accelerating that cycle. Goldman’s competitive advantage is its ability to monetize nearly every financial consequence that follows.

14.7.2026 16:11, IBM, BAC, C, AAPL, JPM, GS, WFC

Index Dow Jones +0,22 % na 52613,05 b., S&P 500 +0,38 % na 7544,24 b., Nasdaq Composite +0,73 % na 26061,63 b.

Americké akciové indexy na začátku obchodování mírně rostou, index S&P 500 přidává 0,38 %.

Akcie IBM padají o 23 % poté, co technologická společnost představila předběžné výsledky za 2Q. Tržby ve druhém kvartále vzrostly meziročně pouze o 1 % na 17,2 mld. USD, zatímco analytici očekávali 17,86 mld. USD. Z jednotlivých segmentů rostl pouze software, a to o 5 %. Tržby z infrastruktury naopak klesly o 7 % a poradenská divize stagnovala (při konstantních měnových kurzech +1 %).

Akcie softwarových a IT/profesionálních služeb obecně klesají poté, co předběžné tržby IBM za druhé čtvrtletí nedosáhly konsenzuálního odhadu.

Dneškem naplno odstartovala výsledková sezóna v USA za 2Q, když své hospodářské výsledky zveřejnily velké banky, včetně JPMorgan, Bank of America, Citigroup, Goldman Sachs a Wells Fargo.

Akcie Apple klesají  o 1,1 % poté, co banka KeyBanc snížila doporučení pro akcie na underweight, přičemž očekává slabší poptávku po zařízeních a pomalejší růst výnosů ze služeb v USA.

Index S&P 500 +0,38 % na 7544,24 b. Nejsilnější sektory S&P Změna Nejslabší sektory S&P Změna Základní materiály +1,6 % Zdravotní péče -1,5 % Průmysl +1,1 % Nezbytná spotřeba -0,2 % Finanční sektor +0,8 % Zbytná spotřeba -0,1 % Nejsilnější akcie S&P Změna Nejslabší akcie S&P Změna Crowdstrike Holdings (CRWD) +7,9 % IBM (IBM) -23 % Lumentum Holdings (LITE) +7,6 % Biogen (BIIB) -7,6 % Sandisk Corp (SNDK) +6,6 % Workday (WDAY) -7,0 % Goldman Sachs Group (GS) +6,4 % ServiceNow (NOW) -6,3 % Monolithic Power Systems (MPWR) +6,0 % Stryker Corp (SYK) -5,4 % Zdroj: Bloomberg

Michal Šnobl
Fio banka, a.s.
Prohlášení

SummaryCompaniesEquities revenue hits record highInvestment banking fees jump 55%JPMorgan, BofA also report higher profitsJuly 14 (Reuters) - Goldman Sachs (GS.N), opens new tab exceeded second-quarter profit expectations, as dealmaking picked up pace and market volatility due to the Middle East war boosted the ​equities business to a record.

Inflation risks and uncertainty over interest rates kept investors on edge, resulting in aggressive portfolio reassessment ‌and stronger revenue from equities trading desks.

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Some analysts said SpaceX's (SPCX.O), opens new tab IPO may have provided an additional lift to volumes. Goldman was one of the lead underwriters for the much-anticipated IPO.

The equities business fetched revenue of $7.42 billion, surging 72% from a year ago. The fixed income, currency and commodities business revenue also jumped 32% to $4.59 billion.

"Momentum has accelerated ​throughout our businesses. Clients are turning to us to lead their most strategic and consequential transactions, which are often the genesis of ​activity across the franchise," CEO David Solomon said in a statement.

"We expect this flywheel of activity to continue," ⁠he said.

Total profit for the bank was $6.63 billion, or $20.98 per share, for the three months ended June 30. That compares with $3.72 billion, or $10.91 per ​share, a year earlier. Analysts were expecting earnings of $14.48, according to data compiled by LSEG.

The strong results may provide fresh support for Goldman shares, which ​have outperformed the benchmark S&P 500 index (.SPX), opens new tab this year but stirred some concerns about how much further the stock can run.

Shares of the Wall Street titan were up 2.7% in premarket trading.

CORPORATE GIANTS' SHOPPING SPREE BOOSTS ADVISORYA surge in $10-billion-plus "mega-deals" drove global M&A volumes to record levels in the first half of 2026, according to LSEG data, helping investment banks ​such as Goldman that earn fees from advising on such transactions.

Goldman's investment banking fees rose 55% to $3.40 billion in the quarter, helped by ​higher stock and debt sales, as well as a stronger advisory arm.

Corporate dealmaking remained resilient despite the turmoil in the Middle East, driven in part by companies' efforts ‌to expand ⁠and strengthen their AI businesses.

In May, Goldman's president John Waldron said the M&A volumes were set to end the year near the record levels seen in 2021.

Goldman advised on more than $1 trillion worth of announced mergers and acquisitions in the first half of 2026, marking a record pace for any investment bank.

The results are part of a busy Tuesday lineup of Wall Street earnings that investors will parse for signals on where the economy is headed, ​and to gauge the outlook for ​bank stocks, which BofA analysts said ⁠had been an "island of stability" even as fears of AI disruption rocked the financial industry.

The results also usher in an earnings season that investors have been eagerly ​awaiting in the hope that it may redirect attention from geopolitical noise to corporate fundamentals.

ASSET MANAGEMENT ARM ​DODGES PRIVATE CREDIT STRAINGoldman's ⁠asset and wealth management revenue rose 20% to $4.60 billion, continuing its strong run.

The bank has pushed for a stronger footing in the business to build a steadier earnings base and reduce its dependence on the trading and investment banking arms, which are more volatile.

Goldman's private credit fund, which is part of the ⁠asset and ​wealth management division, has so far bucked the weakness in the industry.

Private credit players have ​come under pressure from shareholders looking to redeem their shares, on concerns that AI could disrupt the business models of software companies held in their portfolios.

GS Credit, however, said earlier this ​month that second-quarter repurchase requests were below its 5% cap.

Reporting by Niket Nishant in Bengaluru and Saeed Azhar in New York; Editing by Arun Koyyur

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Saeed Azhar is a Reuters financial journalist and part of the U.S. banking team, which covers Wall Street's biggest banks. He focuses on Goldman Sachs and Bank of America, and also writes about regional banks. Before moving to New York in July 2022, he led the finance team in the Middle East from Dubai, and also worked in Singapore, covering Southeast Asia finance.

Niket Nishant reports on breaking news and the quarterly earnings of Wall Street's largest banks, card companies, financial technology upstarts and asset managers. He also covers the biggest IPOs on U.S. exchanges, and late-stage venture capital funding alongside news and regulatory developments in the cryptocurrency industry. His writing appears on the finance, business, markets and future of money sections of the website. He did his post-graduation from the Indian Institute of Journalism and New Media (IIJNM) in Bengaluru.

Goldman Sachs just keeps on breaking its own records on Wall Street. It posted $7.42 billion for a quarter with record-breaking stock-trading results, driven by financing and taking profit in arranging bets.

Goldman Sachs Group Inc (NYSE:GS, XETRA:GOS) shares rose more than 6% on Tuesday after the investment bank reported second quarter results that exceeded Wall Street expectations, driven by strong performances in investment banking and trading.

For the quarter ended June 30, Goldman Sachs reported net earnings of $6.63 billion, or $20.98 per diluted share, compared with consensus estimates of $14.48 per share.

Net revenue rose 39% from a year earlier to $20.34 billion, ahead of analysts' expectations of $16.13 billion.

The bank generated an annualized return on average common shareholders' equity of 23.5% during the quarter.

Global Banking & Markets revenue increased 53% year over year to $15.52 billion.

Investment banking fees rose 55% to $3.40 billion, reflecting stronger equity underwriting, debt underwriting and advisory activity. Goldman Sachs said equity underwriting benefited from increased secondary offerings and initial public offerings, while debt underwriting was driven by leveraged finance and asset-backed issuance.

Advisory revenue also increased as completed mergers and acquisitions activity improved. The firm's investment banking backlog increased from both the end of the first quarter and year-end 2025.

Fixed Income, Currency and Commodities (FICC) revenue rose 32% to $4.59 billion, supported by higher activity in interest rate products, commodities and mortgages, while equities revenue climbed 72% to a record $7.42 billion on stronger derivatives, cash equities and prime financing activity.

Asset & Wealth Management revenue increased 20% to $4.60 billion, helped by higher management fees as assets under supervision grew and stronger gains from private equity investments.

Platform Solutions revenue declined 64% to $221 million, primarily reflecting markdowns related to the Apple Card loan portfolio, which had previously been transferred to held for sale.

Provision for credit losses fell to $102 million from $384 million a year earlier.

Book value per common share increased 1.8% during the quarter to $367.67, while the bank announced it will raise its quarterly dividend to $5 per common share in the third quarter.

Jefferies analysts described the results as materially ahead of expectations, writing that the quarter "handily exceed a high bar."

The firm noted that the earnings beat was driven primarily by exceptionally strong equities trading, with additional support from fixed-income trading, investment banking and asset and wealth management.

The analysts also pointed to a lower-than-expected compensation ratio, an increase in the investment banking backlog, stronger-than-expected share repurchases of $4.0 billion and an efficiency ratio of 57.4%, below the firm's long-term target of 60%.

Jefferies said debt underwriting produced the largest upside surprise within investment banking, supported by record leveraged finance and asset-backed issuance, while equity underwriting benefited from robust IPO and secondary market activity. The firm also highlighted record equities trading revenue and stronger-than-expected FICC results, driven by interest rate products, mortgages and financing activity.

In asset and wealth management, Jefferies said higher management fees, private equity investment gains and solid client inflows contributed to the segment's outperformance. The analysts also noted Goldman Sachs generated strong capital returns during the quarter, repurchasing more shares than expected while delivering robust returns on tangible common equity despite lower risk-weighted assets.

July 14, 2026 2:39 AM 1 min read

JPMorgan, Goldman Sachs And 3 Stocks To Watch Heading Into TuesdayWith U.S. stock futures trading mixed this morning on Tuesday, some of the stocks that may grab investor focus today are as follows:

Check out our premarket coverage here

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