Rephonic
Artwork for The Markets

The Markets

Goldman Sachs
Federal Reserve
Inflation
S&P 500
Interest Rates
Artificial Intelligence
China
Tariffs
Consumer Spending
Emerging Markets
Goldman Sachs
Gold
Labor Market
Earnings Reports
Nasdaq
US Dollar
Earnings Season
Big Tech
Bond Market
US Stocks
Global Economy

What’s driving this week’s market moves – and where are the biggest opportunities? Goldman Sachs traders discuss.

PublishesWeeklyEpisodes147Founded3 years ago
Number of ListenersCategory
Business

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Artwork for The Markets

Latest Episodes

Tech stocks have surged in the past two months. What’s behind the move, and where are the opportunities for investors now? Peter Callahan, the US Technology, Media and Telecommunications sector specialist within Goldman Sachs Global Banking & Markets... more

What’s driving the rise in US Treasury yields, and what could be ahead for the bond market? Phillip Lee, head of Real Money Rate Sales in Goldman Sachs Global Banking & Markets, shares his outlook with Chris Hussey.

Recorded on May 21, 2026.

The op... more

As AI stocks drive the S&P 500 and Nasdaq to record highs, are fears of a bubble warranted? And what are the newest opportunities in the AI equipment trade?  Shawn Tuteja, who oversees ETF and custom baskets volatility trading within Goldman Sachs Gl... more

Oil prices have fallen thanks to investor optimism that the Iran conflict could soon be resolved. But the situation may be more complicated than it appears, cautions Jerome Dortmans, co-head of Global Oil and Products Trading in Goldman Sachs Global ... more

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Recent Guests

Pete Callahan
US tech media and telecom sector specialist within global banking and markets
Goldman Sachs
Episode: Can the Tech Surge Continue?
Phil Lee
Head of real money rate sales
Goldman Sachs
Episode: Why Rates Could Keep Rising
Greg Tuorto
Head of the Small and Smidcap team in Goldman Sachs Asset Management
Goldman Sachs Asset Management
Episode: Big Opportunities in Small Cap Equities
Bobby Molavi
Head of European Execution Services in Global Banking & Markets
Goldman Sachs
Episode: Chase or Fade the Rally?
Jerome Dortmans
Co-head of Global Oil and Products Trading
Goldman Sachs
Episode: $120 Oil Ahead?
Anshul Sehgal
Global co-head of fixed income currency and commodities business within global banking and markets
Goldman Sachs
Episode: How to Trade a Credit Expansion
John Storey
Co-head of equities distribution in the global banking and markets division at Goldman Sachs
Goldman Sachs
Episode: European opportunities
Rich Privorotsky
Head of European One Delta Trading in the Global Banking & Markets Division
Goldman Sachs
Episode: “This is what people were hoping for”
Brian Dunne
Head of America's Foreign Exchange Options Trading
Goldman Sachs
Episode: “The most attractive hedge”

Hosts

Chris Hussey
Host of The Markets, Goldman Sachs
Pete Callahan
US Technology, Media and Telecommunications Sector Specialist in Global Banking & Markets

Reviews

4.7 out of 5 stars from 449 ratings
  • You know

    Wouldve given 5 stars if jerome didnt say „you know“ every 5 seconds

    Apple Podcasts
    5
    ygtcckkkk
    Germany24 days ago
  • ok good

    ok

    Apple Podcasts
    3
    JMA4R
    Canadaa month ago
  • Access to great perspectives

    Getting access and insights from all these great managers, analysts, dept heads at GS makes this podcast a must-listen. They cover every aspect of the markets, macro economics, and geo political influences.

    Apple Podcasts
    5
    MarcAKriss
    United States3 months ago
  • Smart podcast, poor audio

    There is great information in a short, concise podcast. The problem is that the audio is just bad. The interviewer has levels way too high and the interviewed person has audio way too low. A podcast from such a prestigious organization should have much better audio. Some people just don’t care.

    Apple Podcasts
    3
    Rick from Temple U.
    United States5 months ago
  • Amazingly sharp

    Right from Goldman Sachs trading floor, speaking to desk heads, zero bs, with real time market pulse and “what’s the trade” at the end. An indispensable show. Very grateful to Goldman for broadcasting this.

    Apple Podcasts
    5
    Nicky Namenly
    Brazil9 months ago

Listeners Say

Key themes from listener reviews, highlighting what works and what could be improved about the show.

Sharp, concise market insights from trading floor perspectives, with real-time trade ideas
Audio quality is mixed, but content is highly valuable and industry-leading
Appreciated for insider access to GS desk heads and macro/M&A themes
Some listeners feel the audio quality and disclaimer length could improve
Listener reviews highlight fast-paced, data-driven discussions and practical takeaways

Chart Rankings

How this podcast ranks in the Apple Podcasts, Spotify and YouTube charts.

Apple Podcasts
#183
United States/Business
Spotify
#44
United Kingdom/Business
Apple Podcasts
#72
United Kingdom/Business
Apple Podcasts
#124
Canada/Business
Apple Podcasts
#160
France/Business
Apple Podcasts
#213
Italy/Business

Talking Points

Recent interactions between the hosts and their guests.

Can the Tech Surge Continue?
Q: Please, we're going to be tapping into you. All right, what's the trade?
A notable theme is US Internet, where AI-driven product innovation is becoming more visible. The sector could benefit from cleaner positioning as consumer demand stabilizes and oil prices retreat. The key is to watch how AI deployment translates into revenue growth and which players capture share through AI-enabled offerings.
Can the Tech Surge Continue?
Q: Okay, let's start with The Markets, Pete, because we've had a almost historic run in tech off the March 30th lows. Hasn't been as Mag-70 as we've seen in the past. What do you make of the rally?
Three things stand out: narrow breadth, high velocity, and earnings growth and revisions. While the Nasdaq is up around 20% over three months, only about half of its components rose, with semiconductors leading the charge. AI-heavy stocks in the S&P 500 are up roughly 30% this year, with earnings revisions helping keep valuations in check.
How to Trade Oil Now
Q: Let's talk about oil because oil was way up. It's now come down about $20 from its recent peak. What do you make of the price action here? What are the scenarios going forward?
The initial spike was driven by conflict, with futures around $120 and cash prices well above $170. Since then, market responses like SPR releases and demand destruction helped compress prices; a ceasefire removed some risk premia, creating a more comfortable trading range, but volatility persists as negotiations continue. If a memorandum is signed, expect a gradual softening over about 30 days, though a lasting peace could still leave supply constraints needing time to normalize, especially in the East and in refined products.
Big Opportunities in Small Cap Equities
Q: What sectors look most attractive next in terms of fundamental drivers?
Biotech, defense-related components, and semicap equipment stand out, with memory demand from large language models supporting a broader trend in data-center spending and AI infrastructure.
Big Opportunities in Small Cap Equities
Q: How is AI shaping opportunities for small caps, especially beyond software?
While software hasn't led as much, the picks-and-shovels side—semiconductor cap equipment and optical connectivity—offers long-duration gains and ways to participate in AI-driven demand for data centers.

Audience Metrics

Listeners, social reach, demographics and more for this podcast.

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Frequently Asked Questions About The Markets

What is The Markets about and what kind of topics does it cover?

This show centers on real-time market dynamics with a focus on macro trends, asset rotations, and the capital-allocation choices seen on a Goldman Sachs trading floor. Episodes repeatedly explore AI-driven productivity, oil and energy markets, interest-rate trajectories, and the interplay between macro policy and corporate investment. Guests are often senior GS traders and external experts who illuminate tactical trading ideas, risk management, and sector themes, with a preference for practical takes like “what's the trade” in current conditions. Noteworthy is the consistent emphasis on AI-related capex, hyperscalers, and the balance between growth and inflation, which provides listeners with a pragmatic lens on how large institutions view ... more

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To see how many followers or subscribers The Markets has on Spotify and other platforms such as Castbox and Podcast Addict, simply upgrade your account. You'll also find viewership figures for their YouTube channel if they have one.

Which podcasts are similar to The Markets?

These podcasts share a similar audience with The Markets:

1. Thoughts on the Market
2. Exchanges
3. Making Sense
4. At Any Rate
5. UBS On-Air: Market Moves

How many episodes of The Markets are there?

The Markets launched 3 years ago and published 147 episodes to date. You can find more information about this podcast including rankings, audience demographics and engagement in our podcast database.

How do I contact The Markets?

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What guests have appeared on The Markets?

Recent guests on The Markets include:

1. Pete Callahan
2. Phil Lee
3. Greg Tuorto
4. Bobby Molavi
5. Jerome Dortmans
6. Anshul Sehgal
7. John Storey
8. Rich Privorotsky

To view more recent guests and their details, simply upgrade your Rephonic account. You'll also get access to a typical guest profile to help you decide if the show is worth pitching.

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