Goldman Sachs US Weekly Kickstart: Charting the Impact of Higher Rates on Equities
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Goldman Sachs' US weekly kickstart uses a chart-led format to examine how higher interest rates affect US equities. The opening chart shows that the 10-year US Treasury yield has surged to close to 5%. A second exhibit, based on monthly changes since 2023, shows that equity returns typically correlate most highly with changes in long-term interest rates. The note then turns to corporate activity: US M&A activity has accelerated, and a table details the biggest S&P 500 gainers and losers for the week to September 11, 2026. Earnings are covered through charts of realized and consensus EPS growth for selected US equity indices, while sector and industry-group returns show where weekly performance has concentrated across the market. The package closes with Goldman Sachs macro research asset forecasts spanning multiple asset classes. As in each weekly kickstart, the exhibits are selected to anchor the week's central market debate—here, how a materially higher long-rate environment is transmitting into equity prices, deal activity, earnings delivery and sector-level returns.
Key exhibits
Exhibit 1
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Exhibit 7
