Today’s Goldman mid-day wrap highlights a quiet tape continuing into Communacopia day 2, with S&P range just 48bps intraday and market volumes down -9% vs 20dma. Despite this, top book liquidity remains just ok $10.3M, feeling a bit light given the quieter session overall. The mideast escalation remains the macro catalyst, with oil weighing on consumer/cyclicals and the 10yr backs up to 4.84 as our rates strategist (Will Marshall) flagged tomorrow’s first upsized 10-20yr buyback at $6B cap (above the Aug 19 “at least $4B” guide), driving yields back towards their 2023 highs.

In terms of individual stock performances, META’s Muse launch stands out, pulling flows from broader Internet/Discretionary (SHOP, ABNB, BKNG/EXPE, UBER/LYFT lower 2 days running) while retail earnings stayed mixed (ASO +11% vs CHWY -9%). Managed Care chops on UNH/CVS conference commentary. The high beta momo (GSPRHIMO Index) keeps working, up for the 3rd straight day (+13% over the time frame) and pushing higher-beta AI plays (Optical, Memory, Edge) as SemiCap eases and NVDA/AVGO cede ground to AMD/INTC.

Looking at sector performances, franchise remains pretty quiet as our floor is a 4/10 on activity, reflecting broadly quiet market turnover. Both HFs and LOs are net buyers, as our overall buy skew ranked in the 84th %-ile thru the AM.

Overall, today’s wrap highlights a continued focus on macroeconomic factors and their impact on the market, with oil prices weighing on consumer/cyclicals and the mideast escalation remaining a key driver of yields. The high beta momo continues to outperform, driven by increased investor appetite for riskier assets. However, overall market activity remains subdued, with volumes down -9% vs 20dma and top book liquidity feeling light given the quieter session overall.