The latest rise in interest rates is different than similar moves earlier this year, and that should change which stocks outperform, according to Goldman Sachs. Treasury yields jumped last week, with the 10-year Treasury hitting its highest yield since 2007. David Kostin, the firm's chief U.S. equity strategist, said in a note to clients over the weekend that higher rates should hurt growth stocks more now that some of the excitement around artificial intelligence and a resilient U.S.
" Goldman's short duration basket includes several old economy stocks that have outperformed the broader market in September. HF Sinclair and U.S. Steel are up 4.5% and 2.9%, respectively, month to date. Those gains have come even though both stocks have hold ratings from the majority of analysts that cover them, according to data from LSEG. U.S. Steel has also been the subject of merger and acquisition speculation in recent months, which could cause additional volatility for the stock.
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