US Equities Face Ping-Pong Volatility as Earnings Offset Rising Yields

New York, 4 September 2026 – US equities may continue moving through a back-and-forth pattern of volatility even if major indexes trend higher, as investors weigh resilient corporate earnings against elevated Treasury yields and demanding valuations. Katherine Bordlemay, co-head of client portfolio management at Goldman Sachs Asset Management, described the likely market pattern as a continuing “ping-pong” in which competing forces repeatedly shift investor positioning.

The constructive side of the argument rests on company results. Stronger earnings have helped cushion equity prices from the pressure created by rising government-bond yields. When businesses deliver revenue growth, protect margins and generate cash above expectations, investors have a firmer basis for maintaining exposure even as the discount rate applied to future profits increases.