Shawn Tuteja, who manages ETF and volatility trading at Goldman Sachs, shares his insights on current market dynamics with Mike Washington. He discusses the implications of recent Fed guidance and the unusual stock reactions during earnings season. Tuteja warns about risks in sectors outside of AI that could impact client positioning. He also suggests buying cyclical sectors like regional banks as the economy may reaccelerate, while addressing the potential for a year-end rally if broader sector participation occurs.
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insights INSIGHT
Fed Said December Cut Is Uncertain
The Fed signaled December is not a foregone conclusion, introducing more interest-rate uncertainty into markets.
That uncertainty could dent speculative rallies that priced in rapid cuts, especially in non-profitable tech names.
insights INSIGHT
Earnings Beats Aren't Getting Rewarded
Over half of S&P market-cap has reported and many beats aren't receiving the usual next-day reward.
That suggests positioning is crowded into winners and earnings beats are being muted by heavy pre-existing ownership.
volunteer_activism ADVICE
Position For A Crowd-Driven Year-End Move
Prepare for a potential year-end 'blow-off top' where clients are grossed up in risk and long AI exposures.
Consider the risk that an upside led by non-AI sectors could cause painful unwinds for crowded AI longs.
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As investors make sense of surprising Fed guidance and a huge slate of earnings, what’s the current state of sentiment around US equities – and which sectors could outperform into year-end? Shawn Tuteja, who oversees ETF and custom baskets volatility trading within Goldman Sachs Global Banking & Markets, discusses with Mike Washington.
The Markets