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S&P 500 Falls 1.5% as Big Tech Drags Market, Goldman Sachs Sees No Peak Signal

GateNews
IndicesStocks
US5000.95%
According to Goldman Sachs, this week's U.S. stock market decline reflects structural adjustment driven by mega-cap technology stocks rather than a broad market top. As of Friday, the S&P 500 is down roughly 1.5% this week, with the "Magnificent Seven" losing 3%-8% each. However, market breadth is improving: eight of eleven sectors rose, and broad-based equal-weight S&P 500 is outperforming the cap-weighted index. Supporting factors include oil prices down 10% for the week, 10-year Treasury yields falling below 4.37%, and core PCE inflation meeting expectations. Goldman Sachs views this correction as pressure relief from concentrated positioning, not a bull market reversal.
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