Goldman says rare “up crash” signal points to further gains in U.S. tech stocks

Goldman Sachs said U.S. technology stocks are showing a rare “up crash” pattern, with equities rising sharply while implied volatility remains elevated, a setup that historically has preceded further market gains. U.S. stocks advanced on May 14, 2026, as signals of stability from a Trump-Xi meeting and renewed AI enthusiasm lifted sentiment. Nvidia’s market value topped $5.7 trillion, the Dow Jones Industrial Average reclaimed 50,000, and both the S&P 500 and Nasdaq set record highs. Goldman said the VIX has stayed relatively high despite falling below 18 since mid-April and the S&P 500 gaining about 7% over the same period. The firm attributed the pattern to heavy call-option buying in popular technology shares alongside continued broad-market hedging. Goldman said the Nasdaq 100’s correlation with one-month call prices has turned positive, a condition seen only four times in the past decade. After such signals, U.S. stocks averaged a 2.7% one-month gain, above the historical 1.5% average.