GSAM's Greg Calnon argues markets grind higher on strong US economy, earnings momentum, and AI infrastructure spending (~$1T). Sees opportunity in AI tech re-entry, broadening into EM and US small caps. Key risk: Strait of Hormuz reopening could push oil/inflation higher, but markets may look through it. AI trend is real, not exuberance.
Yields
NDX
Oil
Metals
USD
Goldman Sachs
9.0
Investment Bank $2500.00B
Greg Calnon 9.0
Investment Bank $2500.00B
Greg Calnon 9.0
4/23/2026 5:28:36 PM
ndx
AI theme and investment is a real trend with real momentum... we do think this persists... there's more room to run here.
| 4/23/2026 10:51:08 AM | medium term up | 20 days later | +8.34% | +8.34% |
| 2/25/2026 12:14:44 AM | short term cautious down | 5 days later | -1.26% | +0.63% |
| 11/19/2025 10:08:37 AM | short term cautious down | 5 days later | +4.01% | -2.00% |
| 11/5/2025 12:00:47 AM | medium term cautious down | 20 days later | +0.43% | -0.21% |
| 11/3/2025 11:09:24 PM | medium term up | 20 days later | -2.21% | -2.21% |
| 10/31/2025 6:04:35 PM | long term up | 60 days later | -2.95% | -2.95% |
| 10/28/2025 5:38:08 PM | long term up | 61 days later | -2.28% | -2.28% |
| 10/28/2025 3:56:00 PM | short term up | 5 days later | -0.56% | -0.56% |
| 10/24/2025 3:35:41 PM | medium term cautious up | 21 days later | -3.96% | -1.98% |
| 10/21/2025 3:09:27 PM | long term up | 61 days later | +2.34% | +2.34% |
| 10/15/2025 9:58:39 AM | short term cautious down | 5 days later | +1.91% | -0.95% |
| 10/4/2025 1:00:28 AM | medium term up | 21 days later | +3.37% | +3.37% |
| 9/12/2025 11:13:00 PM | medium term up | 21 days later | +2.82% | +2.82% |
| 9/11/2025 4:14:18 PM | short term up | 5 days later | +0.55% | +0.55% |
| 9/9/2025 5:53:04 PM | medium term up | 20 days later | +3.48% | +3.48% |
| 9/1/2025 4:18:49 PM | medium term up | 20 days later | +6.59% | +6.59% |
| 8/6/2025 7:05:41 PM | medium term cautious down | 20 days later | +0.75% | -0.38% |
| 8/5/2025 6:04:18 PM | medium term up | 20 days later | +0.90% | +0.90% |
rut
Greg mentions US small caps as an opportunity for broadening equity markets, implying positive outlook.
wti
If this strait reopens in the next couple of weeks, we'll continue to see higher oil throughout the rest of the year.
| 3/27/2026 9:31:06 AM | short term up | 7 days later | +9.26% | +9.26% |
| 3/24/2026 3:04:57 PM | medium term up | 20 days later | +1.06% | +1.06% |
| 3/24/2026 8:45:15 AM | medium term up | 20 days later | +1.06% | +1.06% |
| 3/20/2026 4:06:06 PM | short term sharp up | 7 days later | +16.74% | +25.10% |
| 3/18/2026 10:29:20 AM | short term up | 5 days later | -3.94% | -3.94% |
| 1/30/2026 6:19:23 AM | medium term cautious down | 21 days later | +6.71% | -3.36% |
| 1/13/2026 10:26:30 AM | medium term down | 20 days later | +1.92% | -1.92% |
| 12/19/2025 7:26:29 PM | medium term down | 21 days later | +2.57% | -2.57% |
| 11/26/2025 10:19:54 AM | medium term cautious down | 20 days later | -5.35% | +2.67% |
| 10/31/2025 3:16:06 PM | medium term down | 21 days later | -3.62% | +3.62% |
| 9/29/2025 2:12:26 PM | short term down | 6 days later | -1.09% | +1.09% |
yields
Higher oil and inflation pick-up would likely push yields higher in the near term, though markets can look through it.
