Goldman Sachs stock has fallen in 10 of the past 12 weeks, erasing nearly all of its 2026 gains just days before its third quarter earnings release. Shares were up less than 1% for the year as of Thursday morning, down more than 20% from their July peak. The retreat comes as a sharp rise in government bond yields over the past month has pushed up borrowing costs, threatening to complicate major deals and cool demand for corporate financing. CEO David Solomon said at a September Barclays conference in New York that Goldman's fixed income, currencies, and commodities trading and financing operations have been a little bit softer on a relative basis, and announced mergers and acquisitions deals globally slowed sharply during the third quarter. The pressure extends beyond Goldman, with US bank stocks broadly retreating as investors reassess the outlook for lending, trading, and the overall economy amid a new era of interest rate hikes. Third quarter bank earnings begin on Tuesday.
Goldman Sachs Group IncCEO Solomon said FICC trading and financing were softer and global M&A deals slowed sharply in Q3, ahead of earnings.
