Goldman: US stocks to keep ‘ping-pong’ swings despite S&P rally

The observation that index-level calm can coexist with sharp single-stock swings points to a market where breadth is doing the heavy lifting. If earnings, not valuations, are the real support against higher yields, then the sustainability of the rally hinges on continued profit delivery rather than multiple expansion. The tilt toward unloved areas like US healthcare and developed international markets suggests a defensive rotation that could define the next phase, but whether earnings can keep pace with yield pressure is the key question.