Yesterday’s markets were filled with excitement as investors reacted to a flurry of economic data releases and a landmark Supreme Court ruling on tariffs. The Goldman mid-day wrap provides an in-depth analysis of the market performance, highlighting the top performing thematic pairs and the resurgence of alt concerns.

The day started with markets grinding higher after a macro-heavy Friday, with PCE and GDP prints coming in line with estimates. The Supreme Court’s ruling on tariffs also provided a boost to investor sentiment. The Goldman mid-day wrap highlights the top performing thematic pairs, including HF VIP vs Most Short (GSPRHVMS Index) +3.4%, Megacap Tech vs Non-Profitable Tech (GSPUMENP Index) +3.1%, and High Growth/High Margin vs Low Margin (GSPUHGMP Index) +1.6%.

However, alt concerns have resurfaced after OWL headlines revealed that the company sold $1.4 billion of private loans across various BDCs, shaking up the entire alternatives space. The Goldman mid-day wrap notes that the alternatives basket (GSFINALT) is trading -1.7% today and the larger risk-off sentiment in finance (particularly getting hit with KLAR -6% and RELY -5%) is not helping the space. Despite this, Goldman’s GIR team believes that the de-rating in alts is disconnected from forward growth outlooks for most stocks in this cohort. For more insights, readers can refer to the linked GIR note.