Yesterday’s session on the geopolitical front was relatively quiet, with markets broadly higher across the board. The Nasdaq Composite (NDX) continued its 12th consecutive day of gains, adding 55 basis points to its value. The S&P 500 (SPX) also saw modest gains, up 25 basis points, with a decent level of market breadth, with 315 names advancing on the day. The Russell 2000 (RTY) was also higher by 15 basis points, after rallying roughly 12.5% off its March 30th lows.

Despite the ongoing rally, there are still some interesting price actions to observe in various sectors. High Beta 12 Month Losers (GSXULMOM) saw a gain of 153 basis points, while Non-Profitable Tech (GSX1NPTC) and Most Short (GSX1MSAL) both saw gains of 200 basis points. Higher beta stocks are continuing to outperform as retail demand picks up, with Quantum Compute (GSX1QNT1) and Memes (GSXUMEME) seeing gains of 170 and 260 basis points respectively.

However, not all areas of the market are performing well. Momentum (GSPRHIMO) saw a loss of 66 basis points, with the long leg of momentum (heavily skewed towards AI/semis) working but the short leg continuing to squeeze. Similarly, Hedge Fund VIPs vs Most Short (GSPRHVMS) saw a loss of 76 basis points.

In terms of equity brokers and exchanges, the space saw a loss of 150 basis points, with weakness in Schwab (-510 basis points) dragging down the sector following an earnings print that saw NII weaker than expected. The Prime book saw modest “net sold” activity MTD, driven by selling in single stocks outweighing buying in macro products. Net exposure and long/short ratio for the overall Prime book are still low, sitting at the 42nd and 3rd percentiles on a 3-year lookback.

Finally, CTA demand has been one of the largest in history over the last five sessions, with $86 billion in equity buying over that time frame. GS futures strats have this.