New York, March 2, 2026, 18:27 EST — Trading after the bell.
Goldman Sachs Group Inc (GS.N) edged up roughly 0.2% to $861.70 in Monday’s after-hours session. Earlier, the stock closed just about unchanged following a choppy stretch across U.S. markets.
The timing is key here. Goldman’s business—right at the heart of debt, equity issuance, and large-scale deals—can take a hit fast if oil prices or rates spike and freeze up those markets.
Higher volatility tends to push up trading volumes and can stretch out bid-ask spreads, a positive for banks’ market-making desks. Investors now face the question: which side of the equation dominates in the sessions ahead?
Stocks in the U.S. found their footing after early declines sparked by U.S. and Israeli airstrikes on Iran. The Dow slipped 0.15%, but the S&P 500 and Nasdaq managed modest upticks, Reuters said. Oil prices jumped, with U.S. crude closing 6% higher at $71.23 per barrel, and Brent at $77.74. Alex Morris at F/m Investments described oil near $100 as an “emotional trigger.” Bill Smead from Smead Capital noted that for many investors, “this is all just temporary.” Reuters
Credit markets came under pressure. Reuters reported the iTraxx Europe Crossover index, which tracks the cost of credit-default swaps, climbed roughly 11 basis points to about 270. Saltmarsh Economics’ David Owen pointed out spreads had been “wafer-thin” and warned that measuring private-market exposure remains “difficult to quantify.” On Monday, no new U.S. investment-grade bonds were priced. TD Securities’ Hans Mikkelsen, though, said the primary market will likely see activity resume on Tuesday. Reuters
Goldman turned up once again in the deal flow. BlackRock tapped both JPMorgan and Goldman Sachs to offload its last 11.4% holding in Spain’s Naturgy, using an accelerated bookbuild to move the shares quickly to institutional buyers, according to a filing.
Goldman Sachs is out with a prospectus for $50 million in fixed-and-floating rate notes maturing April 2, 2027. Investors get 4.30% through July 2, after which the rate switches to compounded SOFR plus 0.15%. Details are in the SEC filing.
Bank stocks tend to reflect shifting risk appetites. When rate expectations hold steady, valuations find support. But sharp moves in oil or credit? That’s when both issuers and buyers usually step aside.
The backdrop’s shaky. Should the conflict escalate, pushing oil prices up on supply jitters, traders may start snapping up extra credit protection—a move that often crimps new issuance and puts fresh deals on ice.
Tuesday brings a fresh batch of Middle East updates and a lineup of Federal Reserve officials on the agenda, with New York Fed President John Williams, Kansas City’s Jeffrey Schmid, and Minneapolis Fed’s Neel Kashkari slated to speak, according to Reuters’ Trading Day column. As for Goldman’s stock, eyes turn to whether bond and equity issuance resumes after the initial jolt passes.
