New York, January 19, 2026, 2:42 PM EST — Market closed.
- Goldman Sachs shares ended their last session at $962, dropping 1.4%, while U.S. stock markets remained closed on Monday for Martin Luther King Jr. Day.
- U.S. stock futures dropped following President Donald Trump’s warning of fresh tariffs on eight European nations linked to a conflict over Greenland.
Goldman Sachs shares face Tuesday’s reopening of U.S. markets amid renewed trade tensions after President Donald Trump threatened tariffs on several European allies. The tariff plan kicks off at 10% on Feb. 1 and jumps to 25% by June 1. Leonard Kwan, a fixed-income portfolio manager at T Rowe Price, dismissed the market reaction as “more noise than signal” so far. Reuters
The Goldman Sachs Group Inc (NYSE:GS) closed last Friday’s session down 1.42% at $962, dragged lower alongside other major financial stocks amid broader market weakness. Morgan Stanley slipped 1.12%, while BlackRock bucked the trend, rising 0.56%, according to MarketWatch data.
Goldman matters here as a rough proxy for risk appetite—its trading desks and deal teams pick up on changes in rates, volatility, and boardroom mood fast. Traders will also get a fresh look at the Personal Consumption Expenditures price index on Jan. 22, the inflation measure the Fed closely watches, though tariff chatter is muddying the rate outlook.
Last week, Goldman reported earnings of $14.01 per share for the fourth quarter, with net revenues hitting $13.45 billion. The firm closed out the year with $58.28 billion in revenue and $17.18 billion in net earnings. CEO David Solomon told investors he anticipates “momentum to accelerate in 2026, activating a flywheel of activity” throughout the company. Goldman Sachs
During the earnings call, Solomon stated, “The world is set up at the moment to be incredibly constructive in 2026 for M&A and capital markets,” pointing to mergers and acquisitions alongside stock and bond issuance. According to Reuters, the bank’s equity trading revenue hit a record $4.31 billion, investment banking fees climbed 25% to $2.58 billion, and it raised its quarterly dividend to $4.50 a share. Argus Research analyst Stephen Biggar described the dividend boost as a “powerful testament” to confidence in sustained earnings. Reuters
With U.S. cash markets closed Monday, the first full look will come Tuesday as Goldman and other bank stocks return alongside the wider market. The New York Stock Exchange marks Martin Luther King Jr. Day as a full holiday.
Goldman faces a risk if tariff threats escalate into a full-blown trade conflict: reduced risk appetite could stall deal-making and thin trading volumes after a strong quarter. A Reuters Breakingviews column pointed out that Goldman and Morgan Stanley now trade at higher price-to-book multiples than in 2007 — with book value defined as the net assets on a bank’s balance sheet — despite posting lower returns on equity.
After Tuesday’s reopening, eyes turn to the Fed’s Jan. 27-28 meeting for the next major signal on rates and liquidity—key drivers of trading and underwriting revenue. For Goldman, that event stands as the immediate catalyst. It will also reveal if tariff concerns remain limited or start to escalate.
