Goldman Sachs' Pasquariello sees tricky September, strong year-end

Goldman Sachs: Goldman Sachs is a global investment banking and financial services firm that advises institutional clients on markets, trading, and risk management. Its perspectives frequently shape hedge fund strategies through research notes and client discussions. In this case, the firm's head of hedge fund coverage has outlined a nuanced view favoring equities and other assets by year-end despite near-term challenges. Tony Pasquariello: Tony Pasquariello is the global head of hedge fund coverage at Goldman Sachs, where he analyzes equities, macro trends, and client positioning. He regularly communicates market convictions through notes and podcasts focused on risk assets. His latest assessment highlights potential difficulties in September and October followed by stronger conditions supporting higher stocks, yields, and commodity prices later in the year. Sector Trends: Corporate investments in AI are described as structurally important defensive spending that continues despite variable direct returns. Policy Signals: Discussions around Federal Reserve actions in September 2026 have pointed to increased uncertainty in rate paths through the end of the year. Market Resilience: Recent Goldman Sachs commentary notes that equities have shown resilience amid macro pressures including higher yields and energy prices.