The Goldman Sachs Group, Inc., a financial institution, provides a range of financial services for corporations, financial institutions, governments, and individuals worldwide. It operates through Global Banking & Markets, Asset & Wealth Management, and Platform Solutions segments. The Global Banking & Markets segment provides financial advisory services, including strategic advisory assignments related to mergers and acquisitions, divestitures, corporate defense activities, restructurings, and spin-offs; and relationship lending, and acquisition financing, as well as secured lending, through structured credit and asset-backed lending and involved in financing under securities to resale agreements. This segment also offers client execution activities for cash and derivative instruments; credit and interest rate products; and provision of mortgages, currencies, commodities, and equities related products, as well as underwriting services. The Asset & Wealth Management segment manages assets across various classes, including equity, fixed income, hedge funds, credit funds, private equity, real estate, currencies, and commodities; and provides customized investment advisory solutions, wealth advisory services, personalized financial planning, and private banking services, as well as invests in corporate equity, credit, real estate, and infrastructure assets. The Platform Solutions segment offers credit cards and point-of-sale financing for purchase of goods or services. This segment also provides cash management services, such as deposit-taking and payment solutions for corporate and institutional clients. The Goldman Sachs Group, Inc. was founded in 1869 and is headquartered in New York, New York.

Goldman Sachs Group, Inc. (The)

For Immediate Release
Chicago, IL – August 21, 2025 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: The Goldman Sachs Group Inc. GS, JPMorgan Chase & Co. JPM, Citigroup Inc. C, Evercore Inc. EVR and Interactive Brokers Group Inc. IBKR.
Here are highlights from Wednesday’s Analyst Blog:
5 Must-Buy Investment Bank Behemoths on a Positive Industry Scenario
The investment bank industry has flourished in 2025 driven by increased client activities, a rebound in underwriting and advisory businesses and the massive application of artificial intelligence (AI) boosting long-term efficiency.
The Zacks-defined Financial – Investment Bank Industry is currently in the top 4% of the Zacks Industry Rank. In the past year, the industry has provided 41.5% returns, while its year-to-date return is 21.4%. Since it is ranked in the top half of the Zacks Ranked Industries, we expect the consulting services industry to outperform the market over the next three to six months.
At this stage, we recommend buying three giant investment bank stocks to get stellar returns in the rest of 2025. These companies are: The Goldman Sachs Group Inc., JPMorgan Chase & Co., Citigroup Inc., Evercore Inc. and Interactive Brokers Group Inc. Each of our picks currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Goldman Sachs Group
The Goldman Sachs Group has been benefiting from solid growth in the Global Banking & Markets division. Its refocus on the core strengths of investment banking (IB) and trading businesses through restructuring, along with acquisitions and expansion in private equity credit, is expected to boost global presence and diversify revenues. After clearing the 2025 Fed stress test, it raised dividends.
GS maintained its leading position in announced and completed mergers and acquisitions (M&A) in the second quarter of 2025, reinforcing its strength in Global Banking & Markets. After a slowdown in 2022-2023 due to weak M&A activity, investment banking revenues rebounded in 2024.
Although 2025 began with optimism, market sentiment briefly dipped following Trump’s tariff plans announced on 'Liberation Day.' Still, M&A activity has regained momentum, and GS’ IB revenues continued to grow in the first half of 2025. A strong deal pipeline and GS’ leadership position signal further upside as macro conditions improve.
Solid Estimate Revisions
For 2025, the Zacks Consensus Estimate currently shows revenues of $56.87 billion, suggesting an improvement of 6.3% year over year and earnings per share of $45.63, indicating an increase of 12.6% year over year. The Zacks Consensus Estimate for current-year earnings has improved 0.2% over the last 30 days.
For 2026, the Zacks Consensus Estimate currently shows revenues of $60.58 billion, suggesting an improvement of 6.5% year over year and earnings per share of $52.40, indicating an increase of 14.9% year over year. The Zacks Consensus Estimate for current-year earnings has improved 0.6% over the last 30 days.
JPMorgan Chase & Co.
JPMorgan Chase’s business expansion initiatives, loan demand and relatively high interest rates should drive net interest income (NII) growth. We project NII to witness a CAGR of 2.9% by 2027.
While normal deal-making activity is tied to the health of the economy, JPM’s solid pipeline and leadership have generated continued growth in the investment banking business thus far.
A solid pipeline and market leadership continue to support investment banking (IB) business, though capital markets volatility and high mortgage rates will likely weigh on fee income. JPM emphasized the importance of AI in boosting efficiency and noted that its technology budget is $18 billion this year, up roughly 6% from last year.
Positive Estimate Revisions
For 2025, the Zacks Consensus Estimate currently shows revenues of $117.19 billion, suggesting a decrease of 0.2% year over year and earnings per share of $19.50, indicating a decline of 1.3% year over year. The Zacks Consensus Estimate for current-year earnings has improved 1.7% over the last 30 days.
For 2026, the Zacks Consensus Estimate currently shows revenues of $183.42 billion, suggesting an improvement of 3.5% year over year and earnings per share of $20.38, indicating an increase of 4.5% year over year. The Zacks Consensus Estimate for current-year earnings has improved 1.6% over the last 30 days.
Citigroup
Citigroup has been witnessing an increase in net interest income (NII). Its business transformation initiatives, including consumer banking business exits and organizational overhaul efforts, will bolster long-term growth. Post-clearing of the 2025 Fed stress test, C hiked its dividend. Its strong liquidity will support the capital distribution plan.
Citigroup is broadening its presence in the lucrative private lending business through strategic collaborations. In June, C announced a partnership with Carlyle Group to expand asset-based private credit opportunities in the fintech specialty lending space. The collaboration combines Carlyle’s structuring expertise with Citigroup’s SPRINT (Spread Products Investment in Technologies) team and market reach to co-invest in tailored financing solutions.
Strong Estimate Revisions
For 2025, the Zacks Consensus Estimate currently shows revenues of $84.51 billion, suggesting an improvement of 4.2% year over year and earnings per share of $7.58, indicating an increase of 27.4% year over year. The Zacks Consensus Estimate for current-year earnings has improved 4% over the last 60 days.
For 2026, the Zacks Consensus Estimate currently shows revenues of $87.1 billion, suggesting an improvement of 3.1% year over year and earnings per share of $9.68, indicating an increase of 27.7% year over year. The Zacks Consensus Estimate for current-year earnings has improved 5% over the last 60 days.
Evercore
Evercore has seen an increase in revenues generated from the Investment Management and Investment Banking & Equities segments. Its ongoing efforts to expand its advisory client base and diversify revenue sources are expected to support top-line growth in the upcoming period. EVR’s strong liquidity position will support capital-distribution activities.
EVR remains committed to enhancing its shareholders’ value, as seen from the company’s involvement in steady capital-distribution activities. In April 2025, the company hiked its dividend by 5% to 84 cents per share. In the last six years (ended 2024), the annual dividend per share has witnessed a CAGR of 10.4%. In April 2025, the board of directors of EVR authorized a share-repurchase program worth $1.6 billion.
Attractive Estimate Revisions
For 2025, the Zacks Consensus Estimate currently shows revenues of $3.48 billion, suggesting an improvement of 15.9% year over year and earnings per share of $12.41, indicating an increase of 31.7% year over year. The Zacks Consensus Estimate for current-year earnings has improved 6% over the last 30 days.
For 2026, the Zacks Consensus Estimate currently shows revenues of $4.42 billion, suggesting an improvement of 27.1% year over year and earnings per share of $18.71, indicating an increase of 50.8% year over year. The Zacks Consensus Estimate for current-year earnings has improved 1.4% over the last 30 days.
Interactive Brokers Group
Interactive Brokers Group’s efforts to develop proprietary software, lower compensation expenses relative to net revenues, enhance its emerging market customers and global footprint, along with relatively high rates, are expected to continue aiding revenues. We project total net revenues (GAAP) to see a CAGR of 6.5% by 2027. IBKR’s initiatives to expand its product suite and the reach of its services will support financials.
IBKR has been undertaking several measures to enhance its global presence. In August 2025, it launched zero-commission U.S. stock trading in Singapore. In July, it launched NISA accounts to help Japanese investors build wealth tax-free. In May, IBKR extended the trading hours for Forecast Contracts to nearly 24 hours a day. In April, IBKR launched the prediction markets hub in Canada to capitalize on the rising demand for event contracts.
Impressive Estimate Revisions
For 2025, the Zacks Consensus Estimate currently shows revenues of $5.68 billion, suggesting an improvement of 8.8% year over year and earnings per share of $1.96, indicating an increase of 11.4% year over year. The Zacks Consensus Estimate for current-year earnings has improved 1.6% over the last 30 days.
For 2026, the Zacks Consensus Estimate currently shows revenues of $6.03 billion, suggesting an improvement of 6.2% year over year and earnings per share of $2.08, indicating an increase of 6.1% year over year. The Zacks Consensus Estimate for current-year earnings has improved 1% over the last 30 days.
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Zacks Investment Research
800-767-3771 ext. 9339
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Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.
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The Zacks Analyst Blog Highlights Goldman Sachs, JPMorgan Chase, Citigroup, Evercore and Interactive Brokers

Among the underlying components of the Russell 3000 index, we saw noteworthy options trading volume today in Goldman Sachs Group Inc (Symbol: GS), where a total of 18,712 contracts have traded so far, representing approximately 1.9 million underlying shares. That amounts to about 102.6% of GS's average daily trading volume over the past month of 1.8 million shares. Particularly high volume was seen for the $650 strike put option expiring August 29, 2025, with 3,004 contracts trading so far today, representing approximately 300,400 underlying shares of GS. Below is a chart showing GS's trailing twelve month trading history, with the $650 strike highlighted in orange:
C3.ai Inc (Symbol: AI) options are showing a volume of 114,076 contracts thus far today. That number of contracts represents approximately 11.4 million underlying shares, working out to a sizeable 96.7% of AI's average daily trading volume over the past month, of 11.8 million shares. Particularly high volume was seen for the $19 strike call option expiring August 22, 2025, with 25,101 contracts trading so far today, representing approximately 2.5 million underlying shares of AI. Below is a chart showing AI's trailing twelve month trading history, with the $19 strike highlighted in orange:
And Hertz Global Holdings Inc (Symbol: HTZ) options are showing a volume of 65,872 contracts thus far today. That number of contracts represents approximately 6.6 million underlying shares, working out to a sizeable 89.8% of HTZ's average daily trading volume over the past month, of 7.3 million shares. Particularly high volume was seen for the $6 strike call option expiring August 22, 2025, with 14,149 contracts trading so far today, representing approximately 1.4 million underlying shares of HTZ. Below is a chart showing HTZ's trailing twelve month trading history, with the $6 strike highlighted in orange:
For the various different available expirations for GS options, AI options, or HTZ options, visit StockOptionsChannel.com.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Noteworthy Wednesday Option Activity: GS, AI, HTZ

The investment bank industry has flourished in 2025 driven by increased client activities, a rebound in underwriting and advisory businesses and the massive application of artificial intelligence (AI) boosting long-term efficiency.
The Zacks-defined Financial – Investment Bank Industry is currently in the top 4% of the Zacks Industry Rank. In the past year, the industry has provided 41.5% returns, while its year-to-date return is 21.4%. Since it is ranked in the top half of the Zacks Ranked Industries, we expect the consulting services industry to outperform the market over the next three to six months.
At this stage, we recommend buying three giant investment bank stocks to get stellar returns in the rest of 2025. These companies are: The Goldman Sachs Group Inc. GS, JPMorgan Chase & Co. JPM, Citigroup Inc. C, Evercore Inc. EVR and Interactive Brokers Group Inc. IBKR. Each of our picks currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The chart below shows the price performance of our five picks in the past three months.
Image Source: Zacks Investment Research
The Goldman Sachs Group Inc.
The Goldman Sachs Group has been benefiting from solid growth in the Global Banking & Markets division. Its refocus on the core strengths of investment banking (IB) and trading businesses through restructuring, along with acquisitions and expansion in private equity credit, is expected to boost global presence and diversify revenues. After clearing the 2025 Fed stress test, it raised dividends.
GS maintained its leading position in announced and completed mergers and acquisitions (M&A) in the second quarter of 2025, reinforcing its strength in Global Banking & Markets. After a slowdown in 2022-2023 due to weak M&A activity, investment banking revenues rebounded in 2024.
Although 2025 began with optimism, market sentiment briefly dipped following Trump’s tariff plans announced on 'Liberation Day.' Still, M&A activity has regained momentum, and GS’ IB revenues continued to grow in the first half of 2025. A strong deal pipeline and GS’ leadership position signal further upside as macro conditions improve.
Solid Estimate Revisions
For 2025, the Zacks Consensus Estimate currently shows revenues of $56.87 billion, suggesting an improvement of 6.3% year over year and earnings per share of $45.63, indicating an increase of 12.6% year over year. The Zacks Consensus Estimate for current-year earnings has improved 0.2% over the last 30 days.
For 2026, the Zacks Consensus Estimate currently shows revenues of $60.58 billion, suggesting an improvement of 6.5% year over year and earnings per share of $52.40, indicating an increase of 14.9% year over year. The Zacks Consensus Estimate for current-year earnings has improved 0.6% over the last 30 days.
JPMorgan Chase & Co.
JPMorgan Chase’s business expansion initiatives, loan demand and relatively high interest rates should drive net interest income (NII) growth. We project NII to witness a CAGR of 2.9% by 2027.
While normal deal-making activity is tied to the health of the economy, JPM’s solid pipeline and leadership have generated continued growth in the investment banking business thus far.
A solid pipeline and market leadership continue to support investment banking (IB) business, though capital markets volatility and high mortgage rates will likely weigh on fee income. JPM emphasized the importance of AI in boosting efficiency and noted that its technology budget is $18 billion this year, up roughly 6% from last year.
Positive Estimate Revisions
For 2025, the Zacks Consensus Estimate currently shows revenues of $117.19 billion, suggesting a decrease of 0.2% year over year and earnings per share of $19.50, indicating a decline of 1.3% year over year. The Zacks Consensus Estimate for current-year earnings has improved 1.7% over the last 30 days.
For 2026, the Zacks Consensus Estimate currently shows revenues of $183.42 billion, suggesting an improvement of 3.5% year over year and earnings per share of $20.38, indicating an increase of 4.5% year over year. The Zacks Consensus Estimate for current-year earnings has improved 1.6% over the last 30 days.
Citigroup Inc.
Citigroup has been witnessing an increase in net interest income (NII). Its business transformation initiatives, including consumer banking business exits and organizational overhaul efforts, will bolster long-term growth. Post-clearing of the 2025 Fed stress test, C hiked its dividend. Its strong liquidity will support the capital distribution plan.
Citigroup is broadening its presence in the lucrative private lending business through strategic collaborations. In June, C announced a partnership with Carlyle Group to expand asset-based private credit opportunities in the fintech specialty lending space. The collaboration combines Carlyle’s structuring expertise with Citigroup’s SPRINT (Spread Products Investment in Technologies) team and market reach to co-invest in tailored financing solutions.
Strong Estimate Revisions
For 2025, the Zacks Consensus Estimate currently shows revenues of $84.51 billion, suggesting an improvement of 4.2% year over year and earnings per share of $7.58, indicating an increase of 27.4% year over year. The Zacks Consensus Estimate for current-year earnings has improved 4% over the last 60 days.
For 2026, the Zacks Consensus Estimate currently shows revenues of $87.1 billion, suggesting an improvement of 3.1% year over year and earnings per share of $9.68, indicating an increase of 27.7% year over year. The Zacks Consensus Estimate for current-year earnings has improved 5% over the last 60 days.
Evercore Inc.
Evercore has seen an increase in revenues generated from the Investment Management and Investment Banking & Equities segments. Its ongoing efforts to expand its advisory client base and diversify revenue sources are expected to support top-line growth in the upcoming period. EVR’s strong liquidity position will support capital-distribution activities.
EVR remains committed to enhancing its shareholders’ value, as seen from the company’s involvement in steady capital-distribution activities. In April 2025, the company hiked its dividend by 5% to 84 cents per share. In the last six years (ended 2024), the annual dividend per share has witnessed a CAGR of 10.4%. In April 2025, the board of directors of EVR authorized a share-repurchase program worth $1.6 billion.
Attractive Estimate Revisions
For 2025, the Zacks Consensus Estimate currently shows revenues of $3.48 billion, suggesting an improvement of 15.9% year over year and earnings per share of $12.41, indicating an increase of 31.7% year over year. The Zacks Consensus Estimate for current-year earnings has improved 6% over the last 30 days.
For 2026, the Zacks Consensus Estimate currently shows revenues of $4.42 billion, suggesting an improvement of 27.1% year over year and earnings per share of $18.71, indicating an increase of 50.8% year over year. The Zacks Consensus Estimate for current-year earnings has improved 1.4% over the last 30 days.
Interactive Brokers Group Inc.
Interactive Brokers Group’s efforts to develop proprietary software, lower compensation expenses relative to net revenues, enhance its emerging market customers and global footprint, along with relatively high rates, are expected to continue aiding revenues. We project total net revenues (GAAP) to see a CAGR of 6.5% by 2027. IBKR’s initiatives to expand its product suite and the reach of its services will support financials.
IBKR has been undertaking several measures to enhance its global presence. In August 2025, it launched zero-commission U.S. stock trading in Singapore. In July, it launched NISA accounts to help Japanese investors build wealth tax-free. In May, IBKR extended the trading hours for Forecast Contracts to nearly 24 hours a day. In April, IBKR launched the prediction markets hub in Canada to capitalize on the rising demand for event contracts.
Impressive Estimate Revisions
For 2025, the Zacks Consensus Estimate currently shows revenues of $5.68 billion, suggesting an improvement of 8.8% year over year and earnings per share of $1.96, indicating an increase of 11.4% year over year. The Zacks Consensus Estimate for current-year earnings has improved 1.6% over the last 30 days.
For 2026, the Zacks Consensus Estimate currently shows revenues of $6.03 billion, suggesting an improvement of 6.2% year over year and earnings per share of $2.08, indicating an increase of 6.1% year over year. The Zacks Consensus Estimate for current-year earnings has improved 1% over the last 30 days.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

5 Must-Buy Investment Bank Behemoths on a Positive Industry Scenario

The Goldman Sachs Group, Inc. GS is capitalizing on the ongoing rebound in global deal-making activities. The Global Banking & Markets division, which houses its investment banking (IB) business, remains the key growth engine. The division revenues accounted for 69.4% of the total net revenues as of June 30, 2025.
Although 2025 began with optimism, market sentiment briefly dipped following Trump’s tariff plans announced on 'Liberation Day' In April. Mergers and acquisitions (M&As) have since regained momentum, and Goldman’s IB fees rose 8% year over year in the first half of 2025. Specifically, advisory revenues rose 16% year over year, while debt underwriting revenues were up 2% and equity underwriting revenues grew nearly 1% in the first half of 2025.
Additionally, Goldman, one of the largest and well-known investment banks, maintained its leading position in announced and completed M&As, reinforcing its strength in Global Banking & Markets.
M&As are expected to remain robust in the second half of 2025, driven by stronger stock valuations, pent-up demand, and corporates’ pursuit of greater scale and competitiveness. This outlook is further supported by regulatory shifts under the Trump administration, with the Federal Reserve moving to loosen “well-managed” requirements and streamline approval processes, creating more conducive conditions for consolidation. These shifts should further bolster Goldman’s advisory revenues, wherein it already holds a commanding lead.
At the same time, the IPO market is showing renewed vitality. Investor demand for new issues is improving, particularly in technology and crypto-related offerings, aided by stronger equity markets, mainstream adoption of digital assets, favorable regulations, and a surge in Bitcoin prices. Importantly, the IPO pipeline is expected to remain solid through the end of 2025, signaling continued strength in equity underwriting.
With rising M&A deals and IPO pipelines, Goldman’s decent IB backlog and leadership position will continue to support its IB performance.
Here’s How GS Competes With MS & JPM in IB Business
Morgan Stanley's MS IB business has been subdued this year, with the metric inching up 1% from the prior-year quarter. Its fixed income underwriting fees decreased 2%, while equity underwriting income rose 5% year over year. Morgan Stanley’s advisory fees rose 2% year over year in the first half of 2025.
Morgan Stanley remains cautiously optimistic about the performance of the IB business, supported by a stable and diversified M&A pipeline.
JPMorgan’s JPM total IB fees (in the Commercial & Investment Bank segment) grew 9% year over year in the first half of 2025. Specifically, JPMorgan’s advisory and debt underwriting fees rose 11% and 14% year over year, respectively. On the contrary, equity underwriting fees fell 7%.
Given its leading market share, diversified capabilities, and global reach, JPMorgan is well-positioned to witness a solid performance in the upcoming period.
Goldman’s Price Performance, Valuation & Estimates
GS shares have gained 27.7% year to date compared with the industry’s growth of 23.2%.
Price Performance
Image Source: Zacks Investment Research
From a valuation standpoint, Goldman trades at a forward price-to-earnings (P/E) ratio of 14.64X, above the industry’s average of 14.47X.
Price-to-Earnings F12M
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for GS’s 2025 and 2026 earnings implies year-over-year rallies of 12.6% and 14.9%, respectively. Likewise, the Zacks Consensus Estimate for GS’s 2025 and 2026 sales implies year-over-year increases of 6.3% and 6.5%, respectively. The estimates for both years have been revised upward over the past 30 days.
Estimates Revision Trend
Image Source: Zacks Investment Research
Goldman currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

IPO & M&A Market Rebound: What it Means for Goldman's IB Business

For Immediate Release
Chicago, IL – August 19, 2025 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: IBM Corp. IBM, The Goldman Sachs Group, Inc. GS and Thermo Fisher Scientific Inc. TMO.
Here are highlights from Monday’s Analyst Blog:
Top Stock Reports for IBM, Goldman Sachs and Thermo Fisher
The Zacks Research Daily presents the best research output of our analyst team. Today's Research Daily features new research reports on 16 major stocks, including IBM Corp., The Goldman Sachs Group, Inc. and Thermo Fisher Scientific Inc. These research reports have been hand-picked from the roughly 70 reports published by our analyst team today.
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IBM’s shares have outperformed the Zacks Computer - Integrated Systems industry over the past year (+26.8% vs. +18.8%). The company reported strong second-quarter 2025 results, with adjusted earnings and revenues beating the consensus estimate. It witnessed healthy demand trends for hybrid cloud and AI solutions, with a client-focused portfolio and broad-based growth.
The acquisition of Hakkoda has strengthened its data expertise and augmented its capability to support clients’ AI transformation initiatives. IBM is collaborating with SAP to tap generative AI technology within the retail industry. The collaboration is likely to facilitate higher productivity and help accelerate business transformation in consumer-packaged goods and retail firms.
However, declining net sales in the Consulting segment, owing to soft demand in some end markets, are straining margins. Macroeconomic headwinds are worrisome. IBM’s acquisition spree has also escalated integration risks.
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Shares of Goldman Sachs have outperformed the Zacks Financial - Investment Bank industry over the past year (+47.3% vs. +42.8%). The company has beaten earnings estimates in the trailing four quarters. Its second-quarter 2025 results benefited from solid growth in the Global Banking & Markets division.
Goldman Sachs’ refocus on the core strengths of investment banking (IB) and trading businesses through restructuring, along with acquisitions and expansion in private equity credit, is expected to boost its global presence and diversify revenues. Post-clearing the 2025 Fed stress test, it raised dividends.
However, given the current geopolitical concerns, Goldman’s high dependence on overseas revenues is worrisome. Further, the company's rising expenses due to ongoing investments in technology are concerning. Yet its decent cash levels and solid credit profile will support its capital distribution plan.
(You can read the full research report on Goldman Sachs here >>>)
Thermo Fisher’s shares have declined -5.8% over the year-to-date period against the Zacks Medical Instruments industry’s decline of -7.3%. The company is braving the ongoing tough economic conditions by leveraging GenAI as part of the PPI Business System, resulting in strong financial performance.
Thermo Fisher’s growth strategy has been bolstered by several recent product launches, including Krios 5 Cryo-TEM and Orbitrap MS systems, among others, in the second quarter. Strategic acquisitions like Solventum and Olink bode well. Thermo Fisher’s Bioproduction arm remains a key driver with new facilities and product lines.
The Zacks analyst expects the company’s revenues to witness a 7.3% CAGR during fiscal 2025-2027. Robust solvency further instills optimism about the stock. However, a volatile macroeconomic environment can dent its operations. Currency woes and fierce competitive pressure add to the worry.
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Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

The Zacks Analyst Blog Highlights IBM, Goldman Sachs Group and Thermo Fisher Scientific

UnitedHealth Group UNH stock is still down 40% year to date but has surged more than +20% this month following reports that Warren Buffett’s Berkshire Hathaway BRK.B and other billionaire hedge fund managers have taken a stake in the company, including David Tepper’s Appaloosa Management.
In a classic value investing move, Buffett undoubtedly sees long-term value in UnitedHealth Group as a high-quality business at a steep discount, investing in other industry leaders during a crisis like Goldman Sachs GS during the 2008 financial meltdown and more recently Occidental Petroleum OXY during the Covid-19 pandemic plunge in energy prices.
To that point, UnitedHealth has faced a DOJ investigation stemming from its health services and technology subsidiary Optum, and had previously suspended its full-year financial guidance due to unexpectedly high medical costs.
Considering such, investors may be weighing the pros and cons of investing in UNH, with some wondering if it’s time to fade the recent rally.
UnitedHealth’s Attractive Valuation & Balance Sheet
As the parent company of United Healthcare, the nation's largest insurer, UnitedHealth Group stock had recently fallen toward its decade low in terms of price to forward earnings and is still on par with its 10-year foward P/E median of 18X.
Image Source: Zacks Investment Research
Furthermore, UNH trades at less than 1X sales and has the scale, diversification, and cash flow that are likely attracting Buffett and other large investors to believe in its long-term recovery. Notably, UnitedHealth Group has more than $32 billion in cash and equivalents on hand and over $308 billion in total assets compared to $208.1 billion in total liabilities.
Image Source: Zacks Investment Research
UNH EPS Revisions
Despite reinstating its guidance, UnitedHealth Group now expects full-year fiscal 2025 EPS to be considerably lower at a least $16 per share, with the Zacks Consensus currently at $16.58 and falling 25% over the last 60 days from expectations of $22.28.
While the drop in FY25 EPS estimates was expected, what may be more concerning to investors is that FY26 EPS estimates have dropped nearly 30% in the last two months from projections of $25.58 to $18.08.
Image Source: Zacks Investment Research
Conclusion & Final Thoughts
The institutional pile into UnitedHealth Group stock may have set a psychological floor for investors, but the trend of declining EPS revisions does take away from the company's enticing valuation and suggests there could still be much better buying opportunities ahead. Correlating with such, it may be time to fade the recent rally, with UNH landing a Zacks Rank #5 (Strong Sell) at the moment.
For investors who may be interested in limiting the short-term risk associated with the recent volatility in UnitedHealth Group stock, Zacks analyst Sanghamitra Saha has alluded to the notion that the iShares U.S. Healthcare Providers ETF IHF could be a better way to get exposure to UNH.
Free Report: Profiting from the 2nd Wave of AI Explosion
The next phase of the AI explosion is poised to create significant wealth for investors, especially those who get in early. It will add literally trillion of dollars to the economy and revolutionize nearly every part of our lives.
Investors who bought shares like Nvidia at the right time have had a shot at huge gains.
But the rocket ride in the "first wave" of AI stocks may soon come to an end. The sharp upward trajectory of these stocks will begin to level off, leaving exponential growth to a new wave of cutting-edge companies.
Zacks' AI Boom 2.0: The Second Wave report reveals 4 under-the-radar companies that may soon be shining stars of AI’s next leap forward.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Buy, Hold, or Fade the Recent Rally in UnitedHealth Group (UNH) Stock?

Monday, August 18, 2025
The Zacks Research Daily presents the best research output of our analyst team. Today's Research Daily features new research reports on 16 major stocks, including IBM Corp. (IBM), The Goldman Sachs Group, Inc. (GS) and Thermo Fisher Scientific Inc. (TMO). These research reports have been hand-picked from the roughly 70 reports published by our analyst team today.
You can see all of today’s research reports here >>>
Ahead of Wall Street
The daily 'Ahead of Wall Street' article is a must-read for all investors who would like to be ready for that day's trading action. The article comes out before the market opens, attempting to make sense of that morning's economic releases and how they will affect that day's market action. You can read this article for free on our home page and can actually sign up there to get an email notification as this article comes out each morning.
You can read today's AWS here >>> Retailers Start to Report Earnings This Week
Today's Featured Research Reports
IBM’s shares have outperformed the Zacks Computer - Integrated Systems industry over the past year (+26.8% vs. +18.8%). The company reported strong second-quarter 2025 results, with adjusted earnings and revenues beating the consensus estimate. It witnessed healthy demand trends for hybrid cloud and AI solutions, with a client-focused portfolio and broad-based growth.
The acquisition of Hakkoda has strengthened its data expertise and augmented its capability to support clients’ AI transformation initiatives. IBM is collaborating with SAP to tap generative AI technology within the retail industry. The collaboration is likely to facilitate higher productivity and help accelerate business transformation in consumer-packaged goods and retail firms.
However, declining net sales in the Consulting segment, owing to soft demand in some end markets, are straining margins. Macroeconomic headwinds are worrisome. IBM’s acquisition spree has also escalated integration risks.
(You can read the full research report on IBM here >>>)
Shares of Goldman Sachs have outperformed the Zacks Financial - Investment Bank industry over the past year (+47.3% vs. +42.8%). The company has beaten earnings estimates in the trailing four quarters. Its second-quarter 2025 results benefited from solid growth in the Global Banking & Markets division.
Goldman Sachs’ refocus on the core strengths of investment banking (IB) and trading businesses through restructuring, along with acquisitions and expansion in private equity credit, is expected to boost its global presence and diversify revenues. Post-clearing the 2025 Fed stress test, it raised dividends.
However, given the current geopolitical concerns, Goldman’s high dependence on overseas revenues is worrisome. Further, the company's rising expenses due to ongoing investments in technology are concerning. Yet its decent cash levels and solid credit profile will support its capital distribution plan.
(You can read the full research report on Goldman Sachs here >>>)
Thermo Fisher’s shares have declined -5.8% over the year-to-date period against the Zacks Medical Instruments industry’s decline of -7.3%. The company is braving the ongoing tough economic conditions by leveraging GenAI as part of the PPI Business System, resulting in strong financial performance.
Thermo Fisher’s growth strategy has been bolstered by several recent product launches, including Krios 5 Cryo-TEM and Orbitrap MS systems, among others, in the second quarter. Strategic acquisitions like Solventum and Olink bode well. Thermo Fisher’s Bioproduction arm remains a key driver with new facilities and product lines.
The Zacks analyst expect the company’s revenues to witness a 7.3% CAGR during fiscal 2025-2027. Robust solvency further instills optimism about the stock. However, a volatile macroeconomic environment can dent its operations. Currency woes and fierce competitive pressure add to the worry.
(You can read the full research report on Thermo Fisher here >>>)
Other noteworthy reports we are featuring today include Enbridge Inc. (ENB), Reddit, Inc. (RDDT) and TELUS Corp. (TU).
Mark Vickery
Senior Editor
Note: Sheraz Mian heads the Zacks Equity Research department and is a well-regarded expert of aggregate earnings. He is frequently quoted in the print and electronic media and publishes the weekly Earnings Trends and Earnings Preview reports. If you want an email notification each time Sheraz publishes a new article, please click here>>>
Today's Must Read
Featured Reports
Reddit (RDDT) Rides on Growing User Engagement, AI Features
Per the Zacks analyst, Reddit is benefiting from strong growth in user engagement driven by AI-powered features, including Reddit Answers.
TELUS (TU) Gains from Strong Health Services Growth
Per the Zacks analyst, TELUS is benefitting from solid momentum in the Health Service segments, along with increasing mobility and fixed customer additions.
MAP 2025 Initiatives Aid RPM's Performance, Macro Woes Ail
Per the Zacks analyst, RPM benefits from MAP 2025 initiatives and acquisitions. Also, focus on the repair and maintenance bodes well. However, currency woes and tariff pressures are concerning.
HEPACO Buyout Benefits Clean Harbors (CLH), Competition High
Per the Zacks analyst, HEPACO acquisition expanded Clean Harbors' Environmental Services segment's field services business. High competition lowers pricing power and increases operational expenses.
High Premiums, Solid Capital Stand Aid RenaissanceRe (RNR)
Per the Zacks analyst, its rising premiums are driven by continued rate increases and strong segmental contributions. Moreover, a robust capital position continues to be a key catalyst.
Sirius XM (SIRI) Benefits from Steady ARPU, Lower User Loss
Per the Zacks analyst, Sirius XM's prospects are expected to benefit from steady ARPU and lower subscriber loss as well as improving free cash flow.
Amicus (FOLD) Banks on Galafold, Overdependence a Concern
Per the Zacks analyst, Amicus' lead drug, Galafold, has shown solid uptake since launch. The drug has shown blockbuster potential. However, overdependence on Galafold for revenues remains a concern.
New Upgrades
Enbridge (ENB) To Gain From Its Vast Transportation Network
Per the Zacks analyst, Enbridge's extensive crude oil and gas transportation networks in North America support its low-risk business model and generate stable, fee-based revenues.
Strength in Aerospace & Defense Unit Aids RBC Bearings (RBC)
Per the Zacks analyst, RBC Bearings is witnessing solid momentum in the Aerospace & Defense unit, driven by strength in the commercial aerospace, defense aerospace, marine and helicopter markets.
High Rates, Loan Growth Likely to Aid Zions' (ZION) Top Line
Per the Zacks analyst, robust loans, a solid balance sheet and relatively higher rates will support Zions top-line growth. Its capital distribution plans seem sustainable, given the earnings strength.
New Downgrades
Labor Shortage, Rising U.S. Tariffs May Hurt Embraer (ERJ)
Per the Zacks analyst, a shortage of skilled labor may cause Embraer to miss its delivery schedule for certain products. Also, rising U.S. tariffs on imported goods pose a threat to the stock.
NOV Inc. (NOV) Struggles with Aggressive Competitor Pricing
The Zacks analyst believes that NOV faces escalating pricing pressures and tariff challenges, threatening margins as competitors aggressively discount to regain market share amid a slowdown.
Hain Celestial (HAIN) Organic Sales Fall on Volume, Price
Per the Zacks analyst, Hain Celestial's organic sales fell 5% YoY in Q3, with a 3-point drop from volume/mix and a 2-point decline from price pressures.
Free Report: Profiting from the 2nd Wave of AI Explosion
The next phase of the AI explosion is poised to create significant wealth for investors, especially those who get in early. It will add literally trillion of dollars to the economy and revolutionize nearly every part of our lives.
Investors who bought shares like Nvidia at the right time have had a shot at huge gains.
But the rocket ride in the "first wave" of AI stocks may soon come to an end. The sharp upward trajectory of these stocks will begin to level off, leaving exponential growth to a new wave of cutting-edge companies.
Zacks' AI Boom 2.0: The Second Wave report reveals 4 under-the-radar companies that may soon be shining stars of AI’s next leap forward.
Access AI Boom 2.0 now, absolutely free >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Top Stock Reports for IBM, Goldman Sachs & Thermo Fisher

It has been about a month since the last earnings report for Goldman Sachs (GS). Shares have added about 5.9% in that time frame, outperforming the S&P 500.
But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Goldman due for a pullback? Well, first let's take a quick look at the most recent earnings report in order to get a better handle on the recent drivers for The Goldman Sachs Group, Inc. before we dive into how investors and analysts have reacted as of late.
Goldman Q2 Earnings Beat Estimates, Boosts Dividend 33.3%
Goldman's second-quarter 2025 adjusted earnings per share of $10.91 surpassed the Zacks Consensus Estimate of $9.43. This compares favorably with $8.62 in the year-ago quarter.
The volatile market lifted Goldman's net revenues in Equities by 36% year over year to $4.3 billion. Fixed income, currency and commodities trading revenues rose 9% year over year to $3.5 billion. Investment Banking fees rose 26% year over year to $2.2 billion in the quarter, driven by significantly higher net revenues in Advisory, reflecting strength in the Americas and EMEA.
Goldman’s results benefited from solid growth in the Global Banking & Markets division. Yet, increased expenses and provision were concerning.
Net earnings (GAAP basis) of $3.7 billion increased 22% from the prior-year quarter.
Revenues & Expenses Increase
Net revenues rose 15% to $14.6 billion for the quarter from the year-ago quarter. Also, the top line surpassed the Zacks Consensus Estimate by 8.1%.
Total operating expenses increased 8% year over year to $9.2 billion.
Provision for credit losses was $384 million, up 36% from the prior-year quarter.
Quarterly Segmental Performance: Mixed Bag
The Asset & Wealth Management division generated revenues of $3.8 billion in the reported quarter, down 3% year over year. The decrease reflected significantly lower net revenues in equity investments and debt investments, partially offset by higher management and other fees.
Firmwide assets under supervision were $3.3 trillion, up 12.2% from the prior-year quarter.
The Global Banking & Markets division recorded revenues of $10.1 billion, which increased 24% year over year. The improvement was driven by a rise in net revenues in Equities (including an increase in net revenues in financing) and strong performances in Fixed income, currency and commodities.
The Platform Solutions division’s revenues were $685 million, up 2% year over year.
Capital Ratio Declines
As of June 30, 2025, the standardized Common Equity Tier 1 capital ratio was 14.5%, down from 14.8% as of June 30, 2024.
The company’s supplementary leverage ratio was 5.3%, down from 5.4% in the year-ago quarter.
Capital Distribution Update
In the reported quarter, Goldman returned $3.96 billion in capital to common shareholders. This included $3 billion in share repurchases and common stock dividends of $957 million.
2025 Outlook
The company expects the tax rate to be 22%.
How Have Estimates Been Moving Since Then?
In the past month, investors have witnessed a upward trend in estimates review.
VGM Scores
At this time, Goldman has a subpar Growth Score of D, however its Momentum Score is doing a bit better with a C. Charting a somewhat similar path, the stock has a score of B on the value side, putting it in the second quintile for value investors.
Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.
Estimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. Notably, Goldman has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Performance of an Industry Player
Goldman is part of the Zacks Financial - Investment Bank industry. Over the past month, JPMorgan Chase & Co. (JPM), a stock from the same industry, has gained 1.5%. The company reported its results for the quarter ended June 2025 more than a month ago.
JPMorgan Chase & Co. reported revenues of $44.91 billion in the last reported quarter, representing a year-over-year change of -10.5%. EPS of $4.96 for the same period compares with $4.40 a year ago.
For the current quarter, JPMorgan Chase & Co. is expected to post earnings of $4.69 per share, indicating a change of +7.3% from the year-ago quarter. The Zacks Consensus Estimate has changed +3.7% over the last 30 days.
JPMorgan Chase & Co. has a Zacks Rank #1 (Strong Buy) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of F.
Zacks Names #1 Semiconductor Stock
This under-the-radar company specializes in semiconductor products that titans like NVIDIA don't build. It's uniquely positioned to take advantage of the next growth stage of this market. And it's just beginning to enter the spotlight, which is exactly where you want to be.
With strong earnings growth and an expanding customer base, it's positioned to feed the rampant demand for Artificial Intelligence, Machine Learning, and Internet of Things. Global semiconductor manufacturing is projected to explode from $452 billion in 2021 to $971 billion by 2028.
See This Stock Now for Free >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Why Is Goldman (GS) Up 5.9% Since Last Earnings Report?

Looking at options trading activity among components of the S&P 500 index, there is noteworthy activity today in Goldman Sachs Group Inc (Symbol: GS), where a total volume of 15,162 contracts has been traded thus far today, a contract volume which is representative of approximately 1.5 million underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 76.1% of GS's average daily trading volume over the past month, of 2.0 million shares. Especially high volume was seen for the $745 strike put option expiring August 15, 2025, with 1,367 contracts trading so far today, representing approximately 136,700 underlying shares of GS. Below is a chart showing GS's trailing twelve month trading history, with the $745 strike highlighted in orange:
Apollo Global Management Inc (new (Symbol: APO) options are showing a volume of 21,930 contracts thus far today. That number of contracts represents approximately 2.2 million underlying shares, working out to a sizeable 70.1% of APO's average daily trading volume over the past month, of 3.1 million shares. Especially high volume was seen for the $145 strike call option expiring September 19, 2025, with 7,614 contracts trading so far today, representing approximately 761,400 underlying shares of APO. Below is a chart showing APO's trailing twelve month trading history, with the $145 strike highlighted in orange:
And Ulta Beauty Inc (Symbol: ULTA) saw options trading volume of 3,852 contracts, representing approximately 385,200 underlying shares or approximately 68.5% of ULTA's average daily trading volume over the past month, of 562,495 shares. Especially high volume was seen for the $507.50 strike put option expiring August 22, 2025, with 379 contracts trading so far today, representing approximately 37,900 underlying shares of ULTA. Below is a chart showing ULTA's trailing twelve month trading history, with the $507.50 strike highlighted in orange:
For the various different available expirations for GS options, APO options, or ULTA options, visit StockOptionsChannel.com.
ARK Investment Management Top Holdings
Institutional Holders of IBKC
REET Average Annual Return
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Notable Wednesday Option Activity: GS, APO, ULTA

The S&P 500 Index ($SPX) (SPY) today is up +0.72%, the Dow Jones Industrials Index ($DOWI) (DIA) is up +1.13%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +0.64%. September E-mini S&P futures (ESU25) are up +0.63%, and September E-mini Nasdaq futures (NQU25) are up +0.58%.
Stocks gained ground after today’s US CPI report was largely in line with market expectations, thus strengthening expectations for a Fed rate cut at the September meeting. On a year-on-year basis, the July headline CPI of +2.7% y/y was slightly weaker than expected, but the core CPI of +3.1% y/y was slightly stronger than expected. The chances for a Fed rate cut at its Sep 16-17 meeting improved to 95% after today's CPI report from 88% on Monday.
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The 2-year T-note yield fell -3.8 bp to 3.731% on the CPI news. However, the 10-year T-note rose by +1.0 bp after a new attack by President Trump on Fed Chair Powell. Mr. Trump said in a Truth Social post today that he is considering allowing a lawsuit against Mr. Powell related to construction work at Fed buildings. The markets are concerned about the inflation risks involved with the attempt by the Trump administration to push Mr. Powell out of the Fed as a means to push interest rates lower.
The July US CPI report of +0.2% m/m was in line with market expectations. The July CPI year-on-year figure of +2.7% y/y was unchanged from June and was slightly weaker than expectations for a +0.1 point increase to +2.8%. The July US core CPI report of +0.3% m/m was in line with expectations. The July year-on-year core CPI figure of +3.1% y/y was up from June's +2.9% and was slightly stronger than market expectations of +3.0%. July's headline CPI of +2.7% y/y and core CPI of +3.1% y/y were up from the post-Covid 4.25-year lows of +2.3% and +2.8%, respectively, posted earlier this year.
President Trump signed an executive order overnight extending the US-China tariff truce by 90 days through November 10 to allow more time for negotiators to reach a final deal. That was in line with reporting yesterday by CNBC. The executive order postponed today's original deadline. That followed previous news that Nvidia and AMD agreed to pay the US government 15% of their revenues on sales of certain lower-powered AI chips sold to China in exchange for export licenses to allow those sales. However, Bloomberg reported today that China's government urged Chinese companies to avoid using Nvidia's H20 processors, particularly for government-related purposes.
The markets are awaiting this Friday's Trump-Putin summit in Alaska for any progress in ending the Russian-Ukrainian war. President Trump on Monday downplayed expectations of a breakthrough, saying the summit is a "feel-out meeting" to end the war in Ukraine. Also, recent comments from Ukrainian President Zelenskiy dampened hopes for a quick end to the war when he rejected any talk of Ukraine ceding territory to Russia.
In recent tariff news, President Trump early Tuesday extended the tariff truce with China, which was to expire on Tuesday, for another 90 days. Last Wednesday, President Trump announced that he will impose a 100% tariff on semiconductor imports. Still, companies would be eligible for exemptions if they demonstrate a commitment to building their products in the US. However, the US will levy a separate tax on imports of electronic products that employ semiconductors. Also, President Trump announced last Wednesday that he will double tariffs on US imports from India to 50% from the current 25% tariff, due to India's purchases of Russian oil. Last Tuesday, Mr. Trump said that US tariffs on pharmaceutical imports would be announced "within the next week or so." According to Bloomberg Economics, the average US tariff will rise to 15.2% if rates are implemented as announced, up from 13.3% earlier, and significantly higher than the 2.3% in 2024 before the tariffs were announced.
The market's focus this week is on corporate earnings results and any new trade or tariff news. On Thursday, weekly initial unemployment claims are expected to fall by -1,000 to 225,000. Also on Thursday, the July final-demand PPI is expected to increase to +2.5% y/y from +2.3% y/y in June, and the July PPI ex-food and energy is expected to rise to +2.9% y/y from +2.6% y/y in June. On Friday, July US retail sales are expected to climb +0.5% m/m and retail sales ex-autos are expected to rise +0.3% m/m. Also on Friday, July manufacturing production is expected to remain unchanged m/m. Finally, the University of Michigan's Aug US consumer sentiment index is expected to climb by +0.3 to 62.0.
Federal funds futures prices are discounting the chances for a -25 bp rate cut at 95% at the September 16-17 FOMC meeting and 62% at the following meeting on October 28-29.
Earnings reports indicate that S&P 500 earnings for Q2 are on track to rise +9.1% y/y, much better than the pre-season expectations of +2.8% y/y and the most in four years, according to Bloomberg Intelligence. With over 82% of S&P 500 firms having reported Q2 earnings, about 82% of companies exceeded profit estimates.
Overseas stock markets today are higher. The Euro Stoxx 50 is up +0.06%. China's Shanghai Composite rallied to a 10-month high and closed up +0.50%. Japan's Nikkei Stock 225 today closed up +2.15% and posted a new record high.
Interest Rates
September 10-year T-notes (ZNU25) today are down -4.5 ticks, and the 10-year T-note yield is up +1.0 bp at 4.295%. T-notes received an initial boost from the CPI report but then fell back after President Trump launched another broadside against Fed Chair Powell regarding construction costs on Fed buildings. T-note prices have support from today's -2.0 bp decline in the 10-year inflation expectations rate to 2.380%.
European government bond yields today are trading higher. The 10-year German bund yield is up +4.9 bp at 2.745%. The 10-year UK gilt yield is up +5.4 bp at 4.619%.
Swaps are discounting the chances at 5% for a -25 bp rate cut by the ECB at the September 11 policy meeting.
US Stock Movers
The Magnificent Seven are all trading higher today except for Tesla (TSLA) and Nvidia (NVDA). Nvidia is trading slightly lower after a report that the Chinese government is discouraging Chinese companies from buying Nvidia AI chips even if the US government allows the sale. Meta (META) is the best performer of the Seven with a gain of more than +2%.
Chip stocks are leading the Nasdaq 100 index higher, with gains of 5% or more in Microchip Technology (MCHP), ON Semiconductors (ON), NXP Semiconductors (NXPI), and Texas Instruments (TXN).
The Dow Jones Industrial Average is showing outsized gains today due to gains of more than +3% in Goldman Sachs (GS) and UnitedHealth Group (UNH).
Hanesbrands (HBI) is up more than +20% after the Financial Times reported that a deal is nearing for Gildan Activewear to acquire Hanesbrands for as much as $5 billion in enterprise value.
Paramount Skydance (PSKY) is up +7% after Guggenheim started coverage on the company with a buy rating and a $13 price target due to a positive outlook for the merged entities of Paramount Global and Skydance Media.
Starbucks (SBUX) is up about +2% on an upgrade to outperform from neutral from Baird.
Cardinal Health (CAH) is down more than -8% after its fiscal Q4 operating income was below market expectations.
Getty Images (GETY) is down more than -8% on disappointment after releasing Q2 earnings and guidance.
Earnings Reports (8/12/2025)
Cardinal Health Inc (CAH), Cava Group Inc (CAVA), Everus Construction Group Inc (ECG), H&R Block Inc (HRB), Lumentum Holdings Inc (LITE), Madison Square Garden Sports C (MSGS), On Holding AG (ONON), Smithfield Foods Inc (SFD).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Goldman Sachs Group, Inc. (The)

Price history and volume

Shares 360

Investment risk — high

Investment potential — high

AI Factors

Bitcoin

Interest Rates

European Bond Market

Chinese Economy

Inflation

Housing Affordability

Gold Prices

UK Economy

Russia - United States Relations

Red Sea Shipping Attacks

Japanese Economy

Recession Risk

Mortgage Rates

Consumer Confidence

US Presidential Election

stagflation

Security parameters