Hedge funds purchased US equities at the fastest pace in six months last week, as the S&P 500 Index extended its historic winning streak, according to Goldman Sachs Group Inc.’s prime brokerage desk. Trading flows were driven by long buys and short covering in a combination of index and exchange-traded fund products, the Goldman traders said in a client note. Short positions in US-listed ETFs drop...
Hedge funds purchased US equities at the fastest pace in six months last week, as the S&P 500 Index extended its historic winning streak, according to Goldman Sachs Group Inc.’s prime brokerage desk. Trading flows were driven by long buys and short covering in a combination of index and exchange-traded fund products, the Goldman traders said in a client note. Short positions in US-listed ETFs dropped for a second week as they declined 0.6%. Sustained investor enthusiasm around artificial intelligence infrastructure spending and a stronger-than-expected earnings season have powered a relentless rally in US stocks. The S&P 500 has posted nine weeks of consecutive gains, the longest such streak since 2023. The tech-dominated Nasdaq 100 Index, meanwhile, is up more than 20% this year. The latest hedge fund positioning data marks a notable shift from the more defensive posture that the Goldman desk noted two-thirds of the way through May. The traders reported then that the funds had taken profit on chip stocks and added macro shorts amid rising bond yields and above-consensus inflation prints. Read more: Goldman Says Hedge Funds Took Profit on Huge Chip-Stock Rally Financial stocks were the clearest beneficiary of last week’s rotation, attracting the largest net buying in almost six months, the Goldman traders said. Long purchases outpaced short sales by roughly 6.5 to one, led by payment stocks and, to a lesser extent, banks. This was partially offset by selling in consumer finance and capital markets. Even with the latest inflows to financials, allocations to the sector remain deeply depressed, the Goldman team noted. “Gross and net allocations in financials as a percentage of total US Prime book are still essentially at their respective 5-year lows in the 1st percentiles,” the desk wrote. The push into financials contrasted sharply with continued pressure on industrials, which were net sold for seven of the last eight weeks. Short exposure in the sector has reached th...
More African countries are likely to regain or achieve investment-grade credit ratings by next year as reforms begin to deliver results and economic growth accelerates, African Development Bank President Sidi Ould Tah said. Several African sovereigns have already been upgraded in recent months. S&P Global Ratings raised Morocco to investment grade last year, increased South Africa by one level in ...
More African countries are likely to regain or achieve investment-grade credit ratings by next year as reforms begin to deliver results and economic growth accelerates, African Development Bank President Sidi Ould Tah said. Several African sovereigns have already been upgraded in recent months. S&P Global Ratings raised Morocco to investment grade last year, increased South Africa by one level in November and lifted Nigeria’s rating in May. Ghana, Zambia, Ivory Coast and Kenya have also benefited from positive rating action linked to fiscal, debt and economic reforms. “We’re quite confident that the continent will continue to grow very strong and that African countries will be better rated in the coming years,” Ould Tah said in an interview. “We’ve seen Morocco receive investment grade during the last few months and we expect other countries by next year to get toward that.” The outlook reflects improving fiscal positions and reforms implemented across countries on the continent, even as the conflict in the Middle East threatens to slow economic growth and raise costs for energy-importing nations. Better credit ratings can help countries borrow at lower rates and fund development projects. The premium investors demand over US Treasuries to hold African debt has eased to 304 basis points from a peak of 405 basis point in early April as investors reassessed the impact of the war on African economies. The AfDB projects the continent’s gross domestic product expansion will accelerate to 4.4% next year — if the conflict in the Middle East doesn’t drag on — after slowing to 4.2% this year. The war in Iran has benefited oil producers such as Nigeria, Angola and Gabon, while exerting pressure on the fiscal positions of net energy importers such as South Africa, Kenya, Ghana and Senegal. S&P Raises Nigeria’s Rating for First Time in 14 Years Ghana Eyes Investment-Grade Rating With New IMF Policy Support Africa Pays ‘Scandalous’ Premium to Borrow, Top Bankers Say Ould Tah sai...
A group of holders of a Zambian $1.36 billion bond due 2053 is opposing a tender offer launched by the government, saying it was conducted without negotiation and would harm investors’ interests. In a statement issued Friday by the ad hoc group’s lawyers, creditors said they considered terms of the tender offer to be “materially adverse” to the interest of noteholders, and warned that if 75% of no...
A group of holders of a Zambian $1.36 billion bond due 2053 is opposing a tender offer launched by the government, saying it was conducted without negotiation and would harm investors’ interests. In a statement issued Friday by the ad hoc group’s lawyers, creditors said they considered terms of the tender offer to be “materially adverse” to the interest of noteholders, and warned that if 75% of notes are tendered, a clean-up call provision could be triggered. That would allow Zambia to redeem all remaining bonds and cut off holders from any future upside, including a looming coupon step-up. The group is being advised by law firm Cleary Gottlieb Steen & Hamilton, which urged other noteholders to contact it in order to co-ordinate a response. Zambia’s 2053 bonds were issued as part of its 2024 debt restructuring after the country defaulted in 2020. The notes carry a step-up clause that could push coupons to 7.5% from 0.5% if Zambia meets an IMF debt-sustainability metric for two consecutive periods — the first of which it’s expected to hit in June. Buying back the securities before the step-up trigger could help reduce the government’s future borrowing costs. Before the tender offer, Zambia was due to make a $2.5 million interest payment next month. It’s launching a cash tender offer at $780 per $1,000 of principal for bonds tendered by June 5, and $740 to later participants. The purchase will be financed partly through a $600 million African Development Bank loan . The bonds surged on the news. Read: Zambia Bonds Jump After 2053 Debt Buyback Tender Starts
alexsl Stock index futures edged higher as Wall Street hoped to kick off the new month on a positive note. S&P 500 futures ( SPX ) rose 0.22% to 7,596.74, while Dow futures ( INDU ) advanced 0.13% to 51,099.43. Nasdaq 100 futures ( US100:IND ) climbed 0.24% to 30,404.67. Investors remained focused on any updates regarding the U.S.-Iran deal. U.S. President Donald Trump said Monday that Iran “reall...
alexsl Stock index futures edged higher as Wall Street hoped to kick off the new month on a positive note. S&P 500 futures ( SPX ) rose 0.22% to 7,596.74, while Dow futures ( INDU ) advanced 0.13% to 51,099.43. Nasdaq 100 futures ( US100:IND ) climbed 0.24% to 30,404.67. Investors remained focused on any updates regarding the U.S.-Iran deal. U.S. President Donald Trump said Monday that Iran “really wants to make a deal.” On the economic calendar, traders awaited the PMI Manufacturing Final and the ISM Manufacturing Index. U.S. Treasury yields edged higher across the curve. The 10-year Treasury yield ( US10Y ) rose 2.2 basis points to 4.47%, while the 2-year Treasury yield ( US2Y ) climbed 2.9 basis points to 4.04%. The 30-year Treasury yield ( US30Y ) advanced 2.1 basis points to 4.99%. Top gainers in premarket trading included ServiceNow ( NOW ) +3.57%, Hewlett Packard Enterprise ( HPE ) +2.94%, and Yum! Brands ( YUM ) +2.94%. Decliners included Snap-on ( SNA ) -1.93%, Fortive ( FTV ) -1.92%, and Textron ( TXT ) -1.37%. More on markets Korea And Japan Worry Me More Than The Strait Of Hormuz The Stock Market May Be About To Break June 2026 Monthly At a glance: stocks gapping up premarket At a glance: stocks gapping down premarket
Alones Creative/iStock via Getty Images Investment Thesis Roundhill Space & Technology ETF ( MARS ) warrants a buy rating due to the growth characteristics of its top holdings which will drive continued outperformance compared to peer space funds and the market overall. While several of MARS’s top space-based companies lack profitability, cost efficiencies and partnerships are driving many holding...
Alones Creative/iStock via Getty Images Investment Thesis Roundhill Space & Technology ETF ( MARS ) warrants a buy rating due to the growth characteristics of its top holdings which will drive continued outperformance compared to peer space funds and the market overall. While several of MARS’s top space-based companies lack profitability, cost efficiencies and partnerships are driving many holdings towards break-even points. Therefore, while many of MARS’s top holdings have high valuations, multiple catalysts for growth and profitability present a key buy point for investors. Roundhill Space & Technology ETF – Overview and Compared ETFs MARS is an ETF that seeks to capture emerging leaders across the space supply chain including launch, space-enabled data, and space infrastructure. The fund is actively managed and is relatively new with a launch in March 2026. MARS has 30 holdings and $101 million in AUM. As the fund is focused on space technologies, its primary market sectors include industrials, communication services, and information technology. For comparison purposes, other funds examined are UFO Procure Space ETF ( UFO ) and ARK Space & Defense Innovation ETF ( ARKX ). UFO seeks to provide investors with a diversified mix of space-focused companies . ARKX is an actively managed fund that focuses on space and defense innovation. Therefore, ARKX is diversified among advanced battery technology, 3D printing, and other industries versus a “pure play” on space-exclusive businesses. MARS Compared: Performance, Expense Ratio, and Dividend Yield Since its inception in March, MARS has outperformed both peer space ETFs and the overall market, as measured by the S&P 500 Index. This is due to multiple factors, including excitement around SpaceX's upcoming IPO and profit-improving developments in the space industry. For reasons I will discuss later, I believe MARS’s market-beating returns will continue through the remainder of 2026. Total Return since March 2026: MARS and ...