Premium"Licking My Wounds": Goldman's Pasquariello Swims Closer To Shore After AI Selloff "Cut Into Some Bone"
The S&P 500 moved 47bps this week. Pretty much everything underneath it got hammered.
That, in a sentence, is the problem Goldman's Tony Pasquariello wrestles with in his latest "markets / macro" note (available to pro subs), written as the dust settled on a week in which Meta's capex wall turned a midweek AI relief rally into a funding scare, the Nasdaq suffered its worst day since June, credit spreads blew out to cycle wides and Brent pushed back toward its Iran-war highs (all of which we chronicled in today's wrap, "The Very Thing Creating The Equity Problem Is Solving The Rates Problem"). And yet, as Tony points out right at the top: