Goldman Sachs warns that U.S. stocks could face $45 billion in potential selling pressure over the coming month.

After last week’s tech stock sell-off, concentration risks in the U.S. equity market have likely not been fully eliminated. New data shows that while retail investors and some hedge funds have sharply reduced positions, global macro funds have largely maintained their existing stock exposure, emerging as the next potential market risk for institutions. According to a Bloomberg report on Tuesday, Goldman Sachs’ prime brokerage data indicates that amid the S&P 500’s worst weekly performance since 2025, global macro hedge funds did not meaningfully cut their stock holdings. These funds primarily express views on macroeconomic and market directions via stock index futures, exchange-traded funds (ETFs), and swap contracts. Given their trades often involve large-scale index exposure, a rush to adjust positions if market sentiment worsens further could amplify volatility in major indices. Goldman’s data shows that last week, hedge funds’ net selling of individual stocks hit a four-month high, with tech stocks being the most heavily net-sold sector in both global and U.S. markets. Meanwhile, macro products including stock indices and ETFs recorded net buys. Besides global macro funds, systematic trading strategies may also be a key source of market volatility. Goldman’s tracked models show around 60% of global equity markets currently have negative trading signals. Per model estimates, S&P 500 futures could face ~$28 billion in potential selling pressure over the next week, rising to $45 billion over the next month. The options market’s positioning structure also adds to risks: SpotGamma data shows the S&P 500 has broad negative gamma exposure in the 7,000–7,550 point range. In this environment, option dealers, to hedge their positions, may sell more stocks when the market falls and buy more when it rises, amplifying short-term price swings.