New York, Feb 3, 2026, 13:27 EST — During regular trading hours
- Goldman shares slipped roughly 2% in early afternoon trading amid a broader dip in financial stocks
- Company announced it is issuing $2.5 billion in subordinated notes maturing in 2041
- With the U.S. jobs report delayed by a shutdown, traders are focused on payroll and services-sector data
Shares of The Goldman Sachs Group Inc (GS.N) slipped roughly 2.3% to $924.72 in early afternoon trading Tuesday, retreating from Monday’s gains amid a broader pullback in financial stocks. The Financial Select Sector SPDR Fund dropped about 1.3%.
The dip unfolded amid mixed sentiment on Wall Street: the S&P 500 and Nasdaq dipped, while the Dow managed to hold steady, and U.S. Treasury yields ticked up. Markets have remained unsettled since President Donald Trump tapped Kevin Warsh to head the Federal Reserve—a move traders fear could stir up yield volatility. “The market has been pretty worried,” noted Jack Janasiewicz, lead portfolio strategist at Natixis Investment Managers. (Reuters)
Rate expectations remain a key focus for banks. Tom Barkin noted the uncertainty around how long stronger productivity gains will persist and pointed out that inflation “still remains above our target” as the Fed holds off on cutting rates. “I do think productivity is up,” Barkin told reporters. (Reuters)
Goldman disclosed in an 8-K filing that it sold $2.5 billion of 5.387% fixed-rate reset subordinated notes maturing in 2041 on Monday. These subordinated bonds, which sit below senior debt in the capital structure, are typically tapped for long-term funding to bolster bank capital. (SEC)
Big U.S. banks showed a mixed picture. JPMorgan Chase & Co. climbed roughly 0.7%, but Morgan Stanley dropped close to 3%. Bank of America slipped slightly, and Wells Fargo & Co. barely moved.
Goldman ended Monday up 1.17%, closing at $946.33. Still, it’s roughly 4% shy of its 52-week peak of $984.70, reached on Jan. 16, according to MarketWatch data. (MarketWatch)
GS Finance Corp, a Goldman Sachs subsidiary, filed to issue roughly $1.397 million in underlier-linked notes maturing in 2030. These notes, linked to the EURO STOXX 50 index and the iShares MSCI EAFE ETF, come with no interest payments. They feature a “buffer”—a set drop limit before losses kick in, based on the worst-performing underlier. (SEC)
The macro calendar is in disarray. The Bureau of Labor Statistics postponed the January jobs report due to the partial federal government shutdown—it was originally set for Friday, Feb. 6. The agency plans to revise the release timeline once funding returns. (AP News)
Traders can count on the ADP private payrolls report landing Wednesday, Feb. 4—one of the rare labor-market updates still set to arrive on schedule. (Adpemploymentreport)
Wednesday will also bring the Institute for Supply Management’s Services PMI, a quick barometer investors watch closely for signals on demand and pricing within the services sector. (Ismworld)
The shutdown has thrown the data flow into disarray, pushing volatility higher. Should yields rise once more, bank shares could take a hit, despite the fact that higher rates typically boost lenders’ net interest income during quieter periods.
Goldman is eyeing Wednesday’s payroll and services data as the next big catalysts, along with any hint from Washington that a government reopening is near — the trigger traders need to start trusting the jobs figures again.
