John Storey of Goldman Sachs said the market still shows strong resilience despite increased volatility in an interview on March 18. He noted that investors are in a defensive and highly hedged stance, but the market continues to absorb shocks well. The Nasdaq Composite has fallen about 6% since the beginning of the year, while the S&P 500 has declined nearly 4%.
According to Storey, the market has become “accustomed” to crises following COVID-19, the Russia–Ukraine war, and trade tensions, and expects the conflict to ease soon. Capital is also returning to the U.S. market. Additionally, investors are shifting from lightly asset-backed sectors like software to heavily asset-backed sectors such as semiconductors, defense, and mining. This trend is also evident in the crypto market, with active trading of oil contracts.
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