New York, March 2, 2026, 18:27 EST — After-hours
Goldman Sachs Group Inc (GS.N) shares were up about 0.2% at $861.70 in after-hours trade on Monday. The stock ended near flat after another volatile run through U.S. markets.
The timing matters. Goldman sits in the middle of debt and equity issuance and big-ticket dealmaking, and those markets can seize up when oil and rates jump.
At the same time, higher volatility can lift trading volumes and widen bid-ask spreads, which helps banks’ market-making businesses. Investors are trying to work out which effect wins in the next few sessions.
U.S. stocks steadied after early losses tied to U.S. and Israeli air strikes on Iran, with the Dow down 0.15% while the S&P 500 and Nasdaq posted small gains, Reuters reported. U.S. crude settled up 6% at $71.23 a barrel and Brent ended at $77.74. Alex Morris of F/m Investments called oil near $100 an “emotional trigger,” while Bill Smead of Smead Capital said investors see “this is all just temporary.” 1
Credit markets also took a hit. The iTraxx Europe Crossover index — a gauge of the cost of credit-default swaps, a form of default insurance — rose about 11 basis points to around 270, Reuters said, and Saltmarsh Economics chief economist David Owen warned spreads had been “wafer-thin” and private-market exposure “difficult to quantify.” No new U.S. investment-grade bond deals priced on Monday, but TD Securities strategist Hans Mikkelsen said he expects the primary market to reopen on Tuesday. 2
Goldman also surfaced in the deal pipeline. BlackRock appointed JPMorgan and Goldman Sachs to sell its remaining 11.4% stake in Spain’s Naturgy through an accelerated bookbuild — a fast sale to institutional investors — a filing showed. 3
Separately, a prospectus filing showed Goldman is offering $50 million of fixed-and-floating rate notes due April 2, 2027. The notes pay 4.30% until July 2 and then reset to compounded SOFR — a benchmark for overnight U.S. funding rates — plus 0.15%. 4
Bank shares often trade like a referendum on risk appetite. A stable rate outlook can support valuations, but sudden swings in oil and credit can push issuers and buyers back to the sidelines.
But the backdrop is thin ice. If the conflict widens and energy supply disruptions drive oil sharply higher, traders could demand more protection in credit markets, and that tends to slow issuance and deal launches.
For Tuesday, investors are watching fresh Middle East headlines and a slate of Federal Reserve speakers, including New York Fed President John Williams, Kansas City Fed President Jeffrey Schmid and Minneapolis Fed President Neel Kashkari, Reuters’ Trading Day column said. For Goldman’s stock, the next catalyst may be whether bond and share-sale calendars come back once the first shock fades. 5
