Goldman Traders Warn 'Macro Overvaluation' Is Driving Downside Tail-Risk

So far in 2026, US equities have been caught between the impact of improving growth data and the vulnerabilities of highly-valued markets to AI and policy news.

According to Goldman Sachs Vickie Chang, that tension, which has led to increased volatility, looks likely to persist.

Since April, US equity valuations have continued to rise and are at historically high levels.