Goldman Desk: "The Forceful Rotation Below The Surface Has Been A Shock For Many Portfolios"

Another rollercoaster week for stocks ended with S&P sliding 1% on Friday - from a new all time high hit the previous day - to close at 6,827, despite a Market on Close of $3BN to buy (most likely due to CTAs who are now buyers in every scenario). Others fared worse: Nasdaq closed down -191bps to 25196 as both AVGO and ORCL tumbled on rising AI spending concerns; the Russell2K slid 146bps to 2,552 while the Dow was the best performer, down only 50bps to 48,458.