New York, February 6, 2026, 12:13 EST — Regular session underway.
- Goldman Sachs shares climbed midday as U.S. stocks held steady following a tough week for tech
- Volatility and changing forecasts for AI investment continue to support big banks
- Next up: rate expectations ahead of the Fed’s March 18 decision
Goldman Sachs shares jumped roughly 3% on Friday, spearheading a bounce back in Wall Street banks as U.S. stocks recovered from a tech-driven selloff earlier in the week. The stock climbed $30.28, or 3.4%, to $920.69, hitting an intraday peak of $929.97.
This shift is significant since Goldman operates where trading, dealmaking, and market financing converge — areas that can change dramatically when investors switch from “buy risk” to “cut risk.” This week’s volatility has brought that issue sharply into focus.
The broader market pushed higher, despite caution around Big Tech’s spending. Amazon dropped 9% after projecting capital expenditures to soar over 50%. Kristina Hooper, chief market strategist at Man Group, noted the market swings between “almost unabashed enthusiasm” and phases demanding “greater discernment.” Reuters
Goldman’s competitors followed suit. JPMorgan Chase climbed 3.8%, while Morgan Stanley added 2.2% by midday.
GS bounced back after a tough stretch. The stock finished Thursday at $890.41, down from $913.30 on Wednesday, per historical pricing data. Yahoo Finance
The AI-fueled selloff has battered software stocks and ramped up volatility across the board. “I would classify this as a sell-everything mindset at this point,” said Dave Harrison Smith, chief investment officer at Bailard, referring to the drop in software and data-services shares. Reuters
Goldman’s flow notes highlight strain in crowded trades. In a client note sent after the market close, the bank reported that major hedge funds focusing on stocks faced their worst day in nearly a year Wednesday, driven by unwindings of concentrated bets. Reuters
Macro data added to the market’s jitteriness. Weekly jobless claims climbed to 231,000, while job openings dropped to 6.542 million in December — the lowest since September 2020, according to the Job Openings and Labor Turnover Survey, which tracks labor demand. “More than anything, we see the data as reflective of ongoing judicious hiring practices,” said Oren Klachkin, a financial markets economist at Nationwide. Reuters
Consumer sentiment hasn’t seen much of a boost. Joanne Hsu, director of the University of Michigan’s Surveys of Consumers, noted the overall mood is still “very low from a historical perspective,” even after the headline index nudged up to 57.3 in early February. Reuters
Lobbying by banks holding $50 billion or more in assets climbed 12% last year, reaching $86.8 million, according to Reuters calculations based on disclosure data and OpenSecrets. This uptick comes amid ongoing debates over bank capital rules and crypto regulation in Washington. A Goldman spokesperson attributed the spike in the bank’s fourth-quarter lobbying expenses to a small business summit it hosted in the capital. Reuters
Talk of compensation is heating up again. Bloomberg News revealed that JPMorgan, Goldman, and Bank of America have all increased bonus pools for bankers and traders by at least 10%, a move tied to a robust year in dealmaking and market action. Bloomberg Law
On Friday, Goldman filed a pricing supplement for a modest structured-note offering via GS Finance Corp., backed by the parent company. These notes link to the worst-performing of two ETFs. Known as “autocallable” notes, they can mature early if certain conditions are met but carry risk if markets fall. SEC
That rally isn’t guaranteed to hold. Should the tech sell-off pick up again or the labor market weaken significantly, risk appetite could vanish almost overnight — sending the bank trade into reverse just as swiftly.
Traders have shifted focus beyond Friday’s rebound to interest rates. Futures markets now assign roughly a 22.7% probability of a 25-basis-point cut — that’s 0.25 percentage point — at the Fed’s upcoming meeting ending March 18, up from just 9.4% the day before, Reuters reported. The payrolls report remains on hold due to the government shutdown. Reuters
