New York, Feb 5, 2026, 18:30 ET — After-hours
- GS dipped in late trading, with investors sticking to a risk-off stance.
- Big Tech’s planned AI spending for 2026 continued to weigh on growth stocks.
- After delays caused by the shutdown, next week’s U.S. data calendar takes center stage.
Shares of Goldman Sachs dipped roughly 2.5% in after-hours trading Thursday, most recently hitting $890.41. During the regular session, the stock fluctuated between $877.15 and $915.88.
The decline mirrored a wider pullback from risk after Wall Street ended sharply lower, as investors wrestled with when—and if—huge AI-related capital outlays will translate into profits. Alphabet revealed plans to spend up to $185 billion in 2026, while Amazon’s shares dropped 4.4% in regular trading before tumbling another 10% after hours. “This is the first time we’ve seen the large-cap tech companies go through a really large capex cycle,” said Tom Hainlin, investment strategist at U.S. Bank Wealth Management. (Reuters)
For Goldman, the tape holds extra weight. It serves as a key indicator of Wall Street risk appetite, with the firm’s earnings closely tied to trading and deal fees—both highly sensitive to shifts in market sentiment.
Fresh labor-market data reinforced a cautious mood. Weekly jobless claims climbed 22,000 to 231,000, while December job openings dropped by 386,000 to 6.542 million, Reuters reported. “More than anything, we see the data as reflective of ongoing judicious hiring practices,” said Oren Klachkin, financial markets economist at Nationwide. (Reuters)
Goldman’s drop followed a broader slide among major U.S. financial stocks. Morgan Stanley tumbled 2.35%, Bank of New York Mellon declined 1.83%, and Bank of America edged down 0.79%, according to MarketWatch data. (MarketWatch)
Client positioning appears to be growing fragile. Goldman informed clients that equity hedge funds suffered their worst day in nearly a year on Wednesday, as crowded tech bets tumbled. The bank noted that certain strategies fell victim to what it described as a momentum selloff—trend-following trades that can quickly unravel when prices reverse. (Reuters)
Goldman is reportedly in early discussions with Syngenta concerning a potential Hong Kong listing that might bring in up to $10 billion, sources told Reuters. No mandates are set yet, and the timeline may be adjusted depending on market conditions. (Reuters)
Policy risk has returned to the spotlight for major banks. According to Reuters, U.S. lenders ramped up their lobbying efforts in 2025 amid escalating battles over capital regulations and crypto policies. “Because we are in such an active environment, you want to make sure you are fully at the table,” said Ed Mills, a policy analyst at Raymond James. (Reuters)
The downside is clear: if the tech selloff worsens and volatility stays chaotic, firms may scale back on IPOs and mergers, shrinking the fee pool despite higher trading volumes. A calmer market or stronger proof that AI investments are yielding results could relieve some of the strain on bank shares.
The upcoming economic calendar holds the next major catalyst. The Labor Department confirmed the January employment report will drop Wednesday, Feb. 11, followed by the January CPI report on Friday, Feb. 13. A recent government shutdown delayed these releases—numbers that could sway rate expectations and, in turn, impact demand for financial stocks. (Reuters)
