GOLDMAN: POLICY NEWS, ISM DATA, AND FED SPEECHES KEY THIS WEEK Goldman Sachs sees policy updates, Tuesday’s ISM services data, and Fed speeches as major market drivers this week. Volatility rose last week, with S&P 500 1-month implied volatility at 29 and realized at 26. Put-call skew jumped as investors hedged after weak economic data, especially post-jobs report. With most earnings behind us (72% of S&P 500 reported), attention shifts to Health Care, Energy, Utilities, and Semis. Goldman sees opportunities in overwriting financial stocks, given high volatility and fewer near-term catalysts. Since July expiry, S&P 500 stocks are down 1.9% on average.