Global Markets Show Varied Performance as Trade Tensions Resurface
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Oct 13 2025
0mins
Source: WSJ
U.S. Stock Market Outlook: U.S. stock futures indicate a potential rebound after President Trump's conciliatory remarks about China, despite a lower close in Asian markets.
Market Conditions: Gold prices have risen, benefiting mining stocks in Europe, while U.S. Treasurys will not trade on Columbus Day amid a government shutdown, limiting new economic data for investors.
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Analyst Views on GS
Wall Street analysts forecast GS stock price to fall
13 Analyst Rating
6 Buy
7 Hold
0 Sell
Moderate Buy
Current: 944.590
Low
604.00
Averages
848.09
High
1048
Current: 944.590
Low
604.00
Averages
848.09
High
1048
About GS
The Goldman Sachs Group, Inc. is a global financial institution that delivers a range of financial services to a large and diversified client base that includes corporations, financial institutions, governments and individuals. Its segments include Global Banking & Markets, Asset & Wealth Management and Platform Solutions. The Global Banking & Markets segment offers a range of services, including financing, advisory services, risk distribution, and hedging for its institutional and corporate clients. It facilitates client transactions and makes markets in fixed income, equity, currency and commodity products. The Asset & Wealth Management segment manages assets and offers investment products across all asset classes to a diverse set of clients. It also provides investing and wealth advisory solutions. The Platform Solutions segment includes consumer platforms, such as partnerships offering credit cards and point-of-sale financing, and transaction banking and other platform businesses.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Goldman Sachs' Top Lawyer Resigns Over Epstein Ties
- Resignation Reason: Goldman Sachs' top lawyer Kathy Ruemmler resigns due to her close ties with the late financier Jeffrey Epstein, highlighting significant challenges the firm faces in legal compliance.
- Legal Risks: Ruemmler's departure may trigger further scrutiny of Goldman Sachs regarding legal and reputational risks, especially following the exposure of her relationship with Epstein, potentially impacting investor confidence.
- Management Changes: This incident marks a significant shift in Goldman Sachs' management, which may lead the company to reassess its legal and compliance strategies in response to external pressures and internal governance issues.
- Market Reaction: Goldman Sachs' stock price may experience negative impacts due to this resignation, as investor concerns over corporate governance and compliance could intensify, thereby affecting its market performance.
See More
Goldman Sachs Chief Legal Officer Ruemmler Resigns Amid Epstein Controversy
- Resignation Announcement: Goldman Sachs Chief Legal Officer Kathryn Ruemmler announced her resignation effective June 30, 2026, following the release of emails detailing her interactions with notorious sex offender Jeffrey Epstein, indicating mounting pressure on the firm regarding legal and reputational management.
- Legal Responsibilities: In her statement, Ruemmler emphasized her duty to prioritize Goldman Sachs' interests, yet her connections to Epstein have raised public and regulatory scrutiny, potentially leading to long-term reputational damage for the firm.
- Executive Praise: Goldman CEO David Solomon praised Ruemmler's contributions during her tenure, highlighting her exceptional performance on various significant legal matters; however, this incident may intensify scrutiny on the firm's legal compliance practices.
- Industry Impact: Ruemmler's resignation follows a wave of high-profile departures linked to Epstein, reflecting the financial sector's acute sensitivity to reputational risks and potentially prompting other firms to reassess the backgrounds and associations of their executives.
See More
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- Overlap with Dow Jones: The GRNY ETF shares eight stocks with the Dow Jones Industrial Average, including well-known tech stocks like Apple, Amazon, Microsoft, and Nvidia, with respective weights of 2.55%, 2.16%, 2.11%, and 2.51% in GRNY, reflecting a similarity in investment strategies.
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Investor Sentiment: Despite initial negative reactions, institutional investors viewed the price dip as an opportunity to acquire shares at a discount, signaling confidence in the company's long-term growth potential and operational stability.
Strategic Expansion: IREN has secured a $3.6 billion credit facility to fund its expansion into graphics processing units (GPUs) and announced the acquisition of a 1.6 GW data center campus in Oklahoma, diversifying its operations and securing its physical future.
Market Valuation Discrepancy: The company's market capitalization is around $12 billion, yet it trades at a significant discount compared to its operational targets, reflecting a mispricing in the market that treats IREN more like a volatile cryptocurrency miner rather than a stable AI infrastructure provider.
See More
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- Active Debt Market: Companies like Alphabet and Oracle have significantly increased their debt sales, with Alphabet recently raising its bond offering to over $30 billion, indicating strong financing needs that may heighten concerns about an AI bubble.
- Lackluster IPO Outlook: Despite excitement around IPOs for companies like SpaceX, the activity for U.S. tech IPOs remains low in 2023, with only 120 expected, raising $160 billion, which is far below the 121 deals completed in 2021.
- Rising Financing Costs: As debt supply increases, investors are demanding higher yields from other companies, leading to an overall rise in financing costs, which could negatively impact companies reliant on debt in the long term.
See More
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- Surge in Tech Debt: UBS estimates that global tech and AI-related debt issuance exceeded $710 billion last year and could soar to $990 billion by 2026, indicating a pressing need for financing as investments in AI continue to rise.
- IPO Market Stagnation: Despite the excitement around SpaceX's potential IPO, there have been no significant tech IPOs this year, reflecting a cautious attitude in the market towards new listings, which may impact venture capitalists' confidence.
- Large Corporations' Financing Plans: Alphabet and Oracle plan to raise over $30 billion and $45-$50 billion in debt respectively to support their AI capabilities, demonstrating that major tech firms are relying on debt financing to meet historic demand for computing resources.
- Increased Market Risks: As tech companies accumulate significant debt, concerns about a potential AI bubble and cash-burning startups intensify, which could lead to rising financing costs in the future, thereby affecting overall economic stability.
See More
Goldman Sachs' Top Lawyer Resigns Over Epstein Ties
- Resignation Reason: Goldman Sachs' top lawyer Kathy Ruemmler resigns due to her close ties with the late financier Jeffrey Epstein, highlighting significant challenges the firm faces in legal compliance.
- Legal Risks: Ruemmler's departure may trigger further scrutiny of Goldman Sachs regarding legal and reputational risks, especially following the exposure of her relationship with Epstein, potentially impacting investor confidence.
- Management Changes: This incident marks a significant shift in Goldman Sachs' management, which may lead the company to reassess its legal and compliance strategies in response to external pressures and internal governance issues.
- Market Reaction: Goldman Sachs' stock price may experience negative impacts due to this resignation, as investor concerns over corporate governance and compliance could intensify, thereby affecting its market performance.
See More
Goldman Sachs Chief Legal Officer Ruemmler Resigns Amid Epstein Controversy
- Resignation Announcement: Goldman Sachs Chief Legal Officer Kathryn Ruemmler announced her resignation effective June 30, 2026, following the release of emails detailing her interactions with notorious sex offender Jeffrey Epstein, indicating mounting pressure on the firm regarding legal and reputational management.
- Legal Responsibilities: In her statement, Ruemmler emphasized her duty to prioritize Goldman Sachs' interests, yet her connections to Epstein have raised public and regulatory scrutiny, potentially leading to long-term reputational damage for the firm.
- Executive Praise: Goldman CEO David Solomon praised Ruemmler's contributions during her tenure, highlighting her exceptional performance on various significant legal matters; however, this incident may intensify scrutiny on the firm's legal compliance practices.
- Industry Impact: Ruemmler's resignation follows a wave of high-profile departures linked to Epstein, reflecting the financial sector's acute sensitivity to reputational risks and potentially prompting other firms to reassess the backgrounds and associations of their executives.
See More
Fundstrat Launches GRNY ETF Amid Weak Performance
- Diverse ETF Themes: Fundstrat's GRNY ETF launched in November 2024, encompasses various investment themes including value investing, despite a year-to-date decline of 0.32%, it has risen 18.31% over the past 52 weeks, indicating some market appeal.
- Overlap with Dow Jones: The GRNY ETF shares eight stocks with the Dow Jones Industrial Average, including well-known tech stocks like Apple, Amazon, Microsoft, and Nvidia, with respective weights of 2.55%, 2.16%, 2.11%, and 2.51% in GRNY, reflecting a similarity in investment strategies.
- Differing Investment Styles: The GRNY ETF employs a rules-based stock selection process focusing on stocks that meet two or more key themes, with current themes including PMI recovery, energy stocks, and cybersecurity, aimed at attracting millennial investors.
- Market Performance Comparison: In contrast to the GRNY ETF, the SPDR Dow Jones Industrial Average ETF has increased by 3.46% year-to-date and 12.08% over the past 52 weeks, showcasing the relative strength of Dow components, which may impact investor confidence in GRNY.
See More
IREN Recovers: Positive Market Response as Major Banks Get Involved
Earnings Report Impact: IREN Limited's recent second-quarter earnings report missed Wall Street expectations, leading to a sharp sell-off in shares, which dropped to approximately $36.49 before rebounding to $42.67 within days, indicating market resilience.
Investor Sentiment: Despite initial negative reactions, institutional investors viewed the price dip as an opportunity to acquire shares at a discount, signaling confidence in the company's long-term growth potential and operational stability.
Strategic Expansion: IREN has secured a $3.6 billion credit facility to fund its expansion into graphics processing units (GPUs) and announced the acquisition of a 1.6 GW data center campus in Oklahoma, diversifying its operations and securing its physical future.
Market Valuation Discrepancy: The company's market capitalization is around $12 billion, yet it trades at a significant discount compared to its operational targets, reflecting a mispricing in the market that treats IREN more like a volatile cryptocurrency miner rather than a stable AI infrastructure provider.
See More
Tech Giants' Debt Surge Raises Concerns
- Surge in Capital Expenditure: The four major tech giants are projected to spend nearly $700 billion in 2023 on capital expenditures and finance leases to meet historic demand for AI, potentially leading to future financial pressures.
- Active Debt Market: Companies like Alphabet and Oracle have significantly increased their debt sales, with Alphabet recently raising its bond offering to over $30 billion, indicating strong financing needs that may heighten concerns about an AI bubble.
- Lackluster IPO Outlook: Despite excitement around IPOs for companies like SpaceX, the activity for U.S. tech IPOs remains low in 2023, with only 120 expected, raising $160 billion, which is far below the 121 deals completed in 2021.
- Rising Financing Costs: As debt supply increases, investors are demanding higher yields from other companies, leading to an overall rise in financing costs, which could negatively impact companies reliant on debt in the long term.
See More
Surge in Tech Debt Amidst IPO Enthusiasm
- Surge in Tech Debt: UBS estimates that global tech and AI-related debt issuance exceeded $710 billion last year and could soar to $990 billion by 2026, indicating a pressing need for financing as investments in AI continue to rise.
- IPO Market Stagnation: Despite the excitement around SpaceX's potential IPO, there have been no significant tech IPOs this year, reflecting a cautious attitude in the market towards new listings, which may impact venture capitalists' confidence.
- Large Corporations' Financing Plans: Alphabet and Oracle plan to raise over $30 billion and $45-$50 billion in debt respectively to support their AI capabilities, demonstrating that major tech firms are relying on debt financing to meet historic demand for computing resources.
- Increased Market Risks: As tech companies accumulate significant debt, concerns about a potential AI bubble and cash-burning startups intensify, which could lead to rising financing costs in the future, thereby affecting overall economic stability.
See More
