Goldman: The word of the year so far for equity investors is "broadening."

Building on momentum that began in late 2025, SMID-cap US equities and non-US markets have generally outperformed the headline US equity indices in the first few weeks of 2026. The top-heavy S&P 500 and Nasdaq 100 have each returned 1% YTD.

But within the S&P 500, 68% of constituents have generated positive returns, and our preferred measure of market breadth has continued to rebound from its October low (Exhibit 2).

Outside of the S&P 500, the Russell 2000 has returned 10%, outperforming the S&P 500 on each of the first 14 trading days of this year.