Goldman Sachs warns: US stocks may face potential selling pressure of $45 billion in the next month.

November 10 — After last week's tech stock selloff, the risk of concentrated positioning in the U.S. equity market may not yet be fully eliminated. The latest data shows that although retail investors and some hedge funds have significantly reduced their positions, global macro funds have largely maintained their existing equity exposure, becoming the next potential market risk that institutions are watching.

According to a Bloomberg report on Tuesday, Goldman Sachs Group's prime brokerage data shows that as the S&P 500 recorded its worst weekly performance since 2025, global macro hedge funds did not significantly cut their equity holdings. These funds primarily express macroeconomic and market direction views through stock index futures, exchange-traded funds (ETFs), and swap contracts. Because their trades often involve large-scale index exposure, once market sentiment deteriorates further, concentrated position adjustments could exacerbate volatility in major stock indices.

Goldman Sachs data shows that last week hedge funds' net selling of individual stocks reached the highest level in four months, with tech stocks becoming the most concentrated sector for net selling in both global and U.S. markets. At the same time, macro products, including stock indices and ETFs, recorded net buying.

In addition to global macro funds, systematic trading strategies may also become an important source of market volatility. Models tracked by Goldman Sachs show that about 60% of the global equity market has currently generated negative trading signals. According to estimates from the relevant models, S&P 500 futures could face potential selling of about $28 billion over the next week, with potential selling pressure reaching $45 billion over the next month. The positioning structure of the options market also adds potential risk. SpotGamma data shows that the S&P 500 has broad negative gamma exposure in the 7,000 to 7,550 range. In this market environment, options dealers, in order to hedge their position risk, may further sell stocks when the stock market falls and increase buying when it rises, thereby amplifying short-term price volatility.