New York, Jan 29, 2026, 14:23 EST — Regular session
Shares of The Goldman Sachs Group, Inc. (GS.N) dipped 0.2% to $934.58 on Thursday, underperforming the stronger bank sector despite the firm’s active role in new U.S. share offerings. The stock fluctuated between $925.30 and $954.30. Meanwhile, the Financial Select Sector SPDR fund climbed roughly 0.6%; JPMorgan rose 1.5%, and Bank of America added 1.9%.
The dynamic is straightforward at the moment. Goldman relies heavily on market volumes and deal flow, so a steady IPO calendar is a plus. But a volatile equity market can close that window before any fees make it into the numbers.
Tech stocks took a hit Thursday, keeping pressure on the screen. The QQQ, tracking the Nasdaq 100, slipped about 1.1%, while the S&P 500 proxy SPY fell roughly 0.6%. Investors started scrutinizing the hefty AI spending plans, questioning the returns. “People have just been throwing money and now they’ve reached a certain level where they’re starting to look under the hood,” said Max Wasserman, co-founder and senior portfolio manager at Miramar Capital. Apple was set to report after the close. 1
Ethos, the life insurer-tech company, has set its IPO price at $19 per share, offering 10,526,315 shares. The company named Goldman Sachs & Co. LLC and J.P. Morgan as the lead book-running managers for the transaction, Ethos confirmed. 2
Ethos started trading Thursday under the ticker LIFE, with Reuters estimating its debut valuation around $1.2 billion. CEO Peter Colis described the process as “like buying a plane ticket online,” claiming the company can speed up how quickly customers get coverage. 3
Goldman Sachs is also leading Liftoff Mobile’s upcoming IPO. Liftoff kicked off its roadshow pitching 25.4 million shares, aiming for a price range between $26 and $30. Goldman, Jefferies, and Morgan Stanley will serve as joint lead book-runners for the share sale. 4
A Reuters report noted Liftoff is aiming for a valuation as high as $5.17 billion, signaling bankers are gauging investor appetite after last year’s choppy market. “An active start will still set the tone for the year,” said Matt Kennedy, senior strategist at Renaissance Capital. 5
Rates are the other factor in play. On Wednesday, the Federal Reserve kept its benchmark rate steady at 3.50%-3.75%. Investors have since tilted their bets toward rate cuts later this year, with interest-rate futures pointing to a likely easing around June, Reuters reported. 6
Politics has entered the mix. President Donald Trump reportedly intends to reveal his choice to succeed Fed Chair Jerome Powell next week, Reuters said. Traders view this move as one that could alter policy direction in the latter half of the year. 7
Goldman’s downside risks are well-known: if volatility lingers and appetite for risk fades, IPOs and major deals could stall, dragging down underwriting and advisory fees. A tech-driven retreat or a fresh surge in headline risk would only make things worse.
The next key data arrives Friday, Feb. 6 at 8:30 a.m. ET with the U.S. employment report for January. This figure often shifts rate expectations and, by extension, influences trading and deal sentiment. 8
