Buyback Blackout Ends, Launching Billions In Stock Repurchases

On Friday we said that in what may be a major reversal in sentiment (one which was subsequently echoed by both BofA's Michael Hartnett and Goldman's Tony Pasquariello), the "Fed blackout period begins after the close" just as the "buyback blackout ends."

Fed blackout period begins after the close

Buyback blackout ends after the close

— zerohedge (@zerohedge) October 20, 2023

So looking at this morning's note from Goldman trader Michael Nocerino, we get a fresh reminder that "today marks the first day of the estimated open Buyback window period." For those unfamiliar, Nocerino reminds that "companies roll into their open window period 1-2 days post earnings release" and as of today, Goldman estimates that ~20% of the S&P 500 are in their open window period with ~40% in open window by the end of the week.