Peter Oppenheimer, Goldman Sachs' chief global equity strategist, says the pace of the bond selloff — not the level of yields — is what leaves equities exposed. Treasury yields printed multi-decade highs into Monday's US close. Seven of the ten largest names finished red.
The three green closes were AMD, NVDA and META. Apple dropped $6.59 and JPMorgan printed a fresh 90-day low at $334.17.
Verdict
The desk reads this as a rate shock with one carve-out — the semi complex. A close above NVDA $232.81 inside five sessions keeps that carve-out credible, and below $228.95 it is gone.
| Symbol | Close | Change | Day range | 52-week range |
|---|---|---|---|---|
| AMZN | $246.09 | -0.06 (-0.03%) | $245.12–$247.38 | $196.00–$287.20 |
| AMD | $615.32 | +7.45 (+1.22%) | $607.71–$624.05 | $159.33–$639.00 |
| V | $366.16 | -1.58 (-0.43%) | $365.47–$368.25 | $293.89–$385.57 |
| JPM | $334.17 | -2.42 (-0.72%) | $334.06–$338.73 | $279.10–$366.50 |
| TSLA | $354.12 | -3.33 (-0.93%) | $352.04–$358.58 | $297.38–$498.83 |
| META | $721.56 | +5.94 (+0.83%) | $720.00–$727.38 | $520.26–$779.82 |
| GOOGL | $338.79 | -3.96 (-1.16%) | $338.02–$342.83 | $235.84–$408.61 |
| NVDA | $230.10 | +1.24 (+0.54%) | $229.00–$232.81 | $164.27–$236.54 |
| MSFT | $509.14 | -0.08 (-0.02%) | $502.51–$513.55 | $349.20–$553.72 |
| AAPL | $331.81 | -6.59 (-1.95%) | $331.58–$337.12 | $243.42–$345.34 |
The Names
JPM — $334.17. Down 0.72%, second consecutive red close. The close sits exactly on the 90-day low, 8.5% under the 90-day high, and 7.5% lower over 30 sessions.
Higher yields normally help the largest US bank. Instead JPM closed at 2% of its daily range on 79,990 shares, the lightest volume on the board. Our call for a break of $335.99 confirmed here, and the open $330.00 call remains live.
AAPL — $331.81. Worst print of the session at -1.95%. Gapped down 0.39%, never traded back above the $337.09 open, and closed at 4% of the day's range. The stock now sits 3.9% below its 52-week high of $345.34.
NVDA — $230.10. Up 0.54% on 1.2M shares, more than four times any other name's volume. Gapped up 0.94% and closed 0.1% under the 90-day high of $230.35. Session high $232.81 is the level breakout traders are watching.
AMD — $615.32. Up 1.22% after a 1.58% gap higher. Faded off $624.05 to close mid-range, still 21.6% higher over 30 sessions and 2.5% below the 90-day high.
AMD outperformed Apple by 3.17 percentage points — the widest spread between any two names on the board.
GOOGL — $338.79. Down 1.16%, third red close running, off 5.5% across five sessions. Closed in the lower sixth of its range and 17.1% under the 52-week high. The $335.00 round number is the next reference below.
Own the miss on META. We called a close above $770.82 and it never printed. META closed $721.56 after a 1.34% gap higher faded into the lower third of the range, still 7.5% below the 52-week high. Buying strength into a rate shock was the error.
The Risk Sheet
- Yields accelerate further → GOOGL closes below $335.00 → the selling is index-wide, and the semi carve-out fails with it.
- PCE runs hot Wednesday → AAPL closes below $330.15 → the duration trade extends and megacap tech loses its second anchor.
- Micron earnings disappoint after the bell → NVDA closes below $228.95 → the only volume-confirmed bid of the session is gone.
- JPM loses the floor → a close below $330.00 → the 90-day base breaks, and rate-sensitive value offers no shelter.
What flips the view: a soft PCE print that pulls Treasury yields off the highs. Oppenheimer's own framing supports the bull case there — healthy profits have already compressed valuations this year, so equities can absorb higher yields if the move stays orderly. An orderly bond tape puts the seven red names back in play within days.
Tomorrow's Checklist
- NVDA $232.81 — reclaim required
- JPM $330.00 — floor test
- AAPL $330.15 — invalidation level