High-beta momentum stocks are suffering an unusually severe monthly drawdown, based on Goldman Sachs Group‘s (NYSE:GS) high beta momentum basket — Hedgeye flagged on X that the basket is on track for its worst monthly performance in history, with losses projected to be worse than the sell-offs seen in 2000 and 2009.
CEO David Solomon’s Economic Optimism
Despite the current market challenges, CEO David Solomon remains optimistic about the U.S. economy’s future.
Speaking on July 16, Solomon said he’s a “huge optimist” on the U.S. economy over the next seven years and highlighted artificial intelligence as the biggest reason for long-term growth, even as he pointed to geopolitical risks. He emphasized that the U.S. economy remains solid and that AI could drive productivity gains.
Goldman Sachs Ventures into Tokenization
Goldman Sachs is also making strides in the financial technology space. On July 15, the firm participated in a groundbreaking event where real stocks were tokenized for the first time.
This initiative, involving JPMorgan, BlackRock and Vanguard, saw the DTCC complete its first live blockchain trades of tokenized stocks and Treasuries with nearly 40 institutions, marking a significant shift in how financial transactions are conducted.
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