Stock Market Shakeout

23 snips

Feb 10, 2026

Shawn Tuteja, head of ETF and custom baskets volatility trading at Goldman Sachs, explains hidden volatility beneath calm S&P moves. He spotlights cyclicals and Russell strength versus big-cap tech. He covers international flows into EM, AI-driven capex questions, precious-metal swings, crowded positioning and tactical buy-the-dip ideas.

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INSIGHT

Broader Market Strength Hides Under The Surface

U.S. headline gains mask big internal shifts across sectors and regions.
The Russell and cyclicals are outperforming NASDAQ, signaling breadth change beyond Big Tech.

INSIGHT

Capital Is Flowing Into International Pockets

Capital is rotating outside the U.S. into Japan, Korea, and emerging markets.
Regional moves are driven partly by AI-related demand in pockets like Korea's KOSPI.

INSIGHT

Big Tech's Massive CapEx Concentrates The AI Bet

Big-cap hyperscalers plan massive CapEx (~$700bn) which concentrates the AI bet.
That spending helps semiconductors now but raises questions on ROIC and spillover effects across software and other sectors.

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There is significant volatility beneath the surface of the US equity market. So what’s driving these moves – and where are the opportunities for investors now? Shawn Tuteja, who oversees ETF and custom baskets volatility trading within Goldman Sachs Global Banking & Markets, discusses with Chris Hussey on the Goldman Sachs trading floor.

Recorded on February 9, 2026.

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