In today’s mid-day note, Goldman Sachs highlights the ongoing volatility in the stock market, with the S&P 500 trading within a 1% band for the sixth consecutive day. This is only the fourth time in the past year that we’ve seen such a prolonged streak of high volatility. Meanwhile, geopolitical tensions continue to be a major factor in investor sentiment, with the US and Iran engaging in point-by-point plans, but investors seem to be numb to the constant back-and-forth. Market volumes remain subdued, while ETF activity remains elevated.

Our momentum pair (GSPRHIMO) continues to perform well, up for the third straight session and now up 10% on the week. If this performance holds, it will be the pair’s best week since September. Yesterday’s strength was driven by losers underperforming, while today’s is driven by winners outperforming. Our HF VIP pair (GSTHVIPP) is also on a three-day winning streak, something we haven’t seen in over a month.

Memory names (GSTMTMEM) stand out, with our basket giving back most of yesterday’s gains due to GOOGL’s Turboquant blog post, while MU is set to close lower for the fifth straight session. There have been several questions about insurance broker weakness, with the group down 1-3% on elevated volumes. Some are pointing towards more AI @ Risk concerns with a job posting from Anthropic for an Insurance Industry Advisor to be the “technical and strategic face of Claude.”