New York, Feb 9, 2026, 12:32 EST — Regular session
- Goldman Sachs shares led gains, with the bank highlighting a recovery in U.S. initial public offerings.
- Investment banks posted the strongest gains among big banks, even as the broader financial sector struggled to keep pace.
- Next up: traders are eyeing the postponed U.S. jobs and inflation numbers due later this week, hunting for the market’s next move.
Goldman Sachs jumped roughly 1.6% Monday, outpacing a lagging financial sector as investors responded to the bank’s bullish take on the 2026 IPO outlook. Shares were last at $943.91. Morgan Stanley picked up a similar 1.6%, with JPMorgan notching a small gain. Bank of America slipped. The Financial Select Sector SPDR Fund was off around 0.3%.
This is significant for Goldman. The bank leans harder than other U.S. lenders on underwriting and advisory fees — segments that pick up when markets settle and companies start raising equity.
Tech and software names have taken some hits lately. Now, traders are watching to see if risk appetite will hold up—at least long enough for a deal calendar that’s been hyped for months to finally materialize.
Goldman’s Ben Snider expects the U.S. IPO market to pick up this year, forecasting “120 IPOs totaling $160 billion,” per Investing.com. Snider did note some risks, including “continued volatility in share prices and corporate confidence,” and pointed out the backlog’s concentration of software companies, according to the report. 1
Goldman, in a separate note, laid out a base scenario of $160 billion in U.S. IPO proceeds for 2026, but flagged a broad range — from about $80 billion up to nearly $200 billion — hinging on whether big private players decide to go public. So far this year, Goldman counted 12 companies raising close to $5 billion through IPOs, among them Forgent Power and Eikon Therapeutics. 2
Beyond what’s moving Goldman, U.S. stocks remained unsettled after last week’s AI-driven volatility. Traders, eyeing those delayed economic numbers, wondered if new data might shift the outlook on rates. “Investors are less comfortable with the amount of spending, but more comfortable with those companies that can do it with free cash flow,” said Art Hogan, chief market strategist at B Riley Wealth. 3
Goldman on Monday put out a prospectus supplement for senior notes set to yield 5.25% and come due in 2038—just another entry in the ongoing lineup of bank funding and structured deals that rarely move the stock by themselves. 4
Still, the bullish scenario for investment banks looks shaky. Should volatility return, or if software shares keep falling, companies can just as easily pull IPO plans, delaying the fee recovery traders have begun to factor in.
Friday’s U.S. Consumer Price Index for January, set for release at 8:30 a.m. ET, stands as the next key event—one with the potential to shake up expectations for rate cuts and shift the risk appetite supporting new-issue activity. 5
