Goldman sees tech stock rebound as yields pressure eases

Goldman Sachs strategists led by Ben Snider said they expect a comeback in “Rule of 10” secular growth stocks, naming companies such as Nvidia and Meta, after a period in which the market has reassessed their valuations.

 

The call was issued on April 13, 2026, and frames the recent move in these shares as a “de-rating,” a term used to describe a shift toward lower valuation multiples. The strategists said the current backdrop has been difficult for long-duration growth equities, with higher bond yields weighing on parts of the technology complex tied to long-term earnings expectations.

 

In their note, the team pointed to a historical pattern in which rising oil prices can heighten investor anxiety about the broader economy. In past episodes, that concern has often increased the relative appeal of secular growth stocks, which are typically viewed as less dependent on near-term economic swings than more cyclical sectors.

 

Recent market action, however, has not followed that familiar script. Goldman’s strategists said long-horizon growth areas—including software and artificial intelligence—have been lagging even as oil prices have risen, marking a notable divergence from prior periods when investors rotated toward these themes.

 

The note attributes much of the pressure to the interest-rate environment. Higher bond yields, the strategists said, have been a key headwind for growth-oriented equities, because the market tends to discount future cash flows more aggressively when yields rise. That dynamic has contributed to the underperformance of the “Rule of 10” cohort and other secular growth segments in the recent market shift described by the team.

 

Goldman’s outlook suggests the market may be approaching an inflection point. While the strategists did not specify a timetable, they indicated that the forces driving the de-rating could be closer to stabilizing, which would leave room for a reversal in relative performance for the secular growth group they highlighted.

 

For global investors, the call matters because Nvidia and Meta are widely held bellwethers for technology and growth exposure, and shifts in their leadership can influence broader equity benchmarks. The strategists’ framing also underscores how cross-asset signals—particularly bond yields and oil prices—are interacting with equity style leadership in ways that have recently differed from historical experience.

 

Key uncertainties remain. The note describes a potential turning point but does not detail what specific market triggers would confirm a rebound, and it highlights that the recent divergence between oil-price moves and growth-stock performance has been unusual compared with prior patterns.