GS · News · 20261031N

Capital Markets Demand Trends

GOLDMAN SACHS GROUP INC · 2026-10-31 · Importance 17 · Surprise 24

Goldman Sachs warned that household demand has become a critical support for the U.S. equity market, but its sustainability may be vulnerable to higher interest rates and AI-related economic disruption. Households bought $840 billion of equities in the first half of 2026, more than offsetting weaker demand from U.S. corporations. They directly own 42% of the U.S. equity market and control a majority when retirement accounts, mutual funds, and ETFs are included.

Key facts

• Goldman Sachs said household demand had become a critical pillar supporting the U.S. stock market, with investors purchasing $840 billion of equities during the first half of 2026, more than offsetting weaker demand from U.S. corporates. source