NEW YORK, December 29, 2025, 11:41 ET — Regular session
- Goldman Sachs shares down about 1.1% in late-morning trade, one of the Dow’s biggest drags
- Treasury yields eased as traders leaned into expectations for further Fed rate cuts next year
- Focus this week turns to Fed minutes and weekly jobless claims in a holiday-thinned market
Goldman Sachs shares slid on Monday, underperforming most big U.S. lenders and weighing on the Dow as year-end trading stayed choppy. The stock was down 1.1% at $896.74 in late-morning trade.
The move mattered because markets are entering the final three sessions of the year with liquidity thin and investors quick to lock in gains or manage taxes. Wall Street’s main indexes eased from recent highs as technology and materials stocks retreated, Reuters reported.
For banks, the rate outlook is back in focus. U.S. Treasury yields edged lower as investors adjusted bets for interest-rate cuts in 2026, a shift that can compress lending margins and pressure financial shares.
Goldman was among the stiffest headwinds on the Dow, a price-weighted index where higher-priced stocks move the gauge more than lower-priced ones. MarketWatch said declines in Goldman and Nvidia together accounted for about 100 points of the index’s drop earlier in the session.
The benchmark 10-year Treasury yield fell 1 basis point — one-hundredth of a percentage point — to 4.124%, Reuters reported. The 2-year yield, which tends to track expectations for Fed policy, also edged lower.
“It’s a very light trading week ahead; volume is low,” said Sam Stovall, chief investment strategist at CFRA Research in New York. Stovall also pointed to tax-loss harvesting, the practice of selling losing positions to offset taxable gains. Reuters
The slide in Goldman came alongside broader softness in financials. The Financial Select Sector SPDR Fund was down about 0.4%, while JPMorgan Chase, Morgan Stanley and Citigroup were also lower.
Goldman’s results tend to be closely watched for what they say about trading and dealmaking conditions, because its revenue mix is heavily tied to market activity and corporate transactions. With the economic calendar light, investors have leaned more on rates and risk appetite to set the tone.
In company filings, a prospectus supplement filed with the SEC on Monday showed GS Finance Corp., guaranteed by Goldman, issued $2.411 million of autocallable variable-coupon equity-linked notes tied to four stocks. Structured notes are debt instruments whose payouts depend on underlying market prices, and they are a routine part of the firm’s markets business.
Traders’ next signposts come from Washington. Minutes from the Fed’s prior meeting and the weekly jobless-claims report are on the radar in an otherwise data-light week, Reuters reported.
The holiday calendar is also tightening the window for positioning. U.S. markets are closed on Thursday for New Year’s Day, leaving fewer sessions for investors to rebalance ahead of January.
Goldman’s next scheduled earnings report is set for January 15, before the market opens, according to a company press release. Investors will look for updates on investment-banking fees and trading performance heading into 2026.
On Monday, Goldman traded between $892.30 and $909.36, after opening at $904.23. With volumes expected to stay light into year-end, intraday swings can look larger than usual even without fresh company news.
