Welcome to our exchanges at Goldman Sachs Markets Update for Friday, May 22nd.

Each week we check in with a leader across the firm to get their quick take on what they're

watching in markets.

I'm Jake Stewart, Global Head of Corporate Communications here at the firm,

and today's return guest is Tony Pasquarello of our Global Markets Division.

Welcome back to the program, Tony.

Thanks, Jake, good to be with you.

So we've seen more and more states in the United States easing, stay-at-home orders, and economic activity

pick up a little bit.

How are investors reacting to that trend? So I think the market is as

trade with more positive tone recently and optimism around reopening the economy is certainly one of the factors in that equation.

So for example, if we look at a basket of the industry groups that were most impacted

through this episode, we call it at restaurants, airlines, hotels, gaming, cruise lines,

theme parks. Those were stocks that came under immense pressure in the month of March and they've traded considerably better of late.

Now, I think as anyone who has a Twitter feed knows, interpretation of reopening data is subjective

and uneven, but I would argue that most of the news flow this week,

particularly around major cities like London and New York, paints a positive trend

and investor behavior reflects that both institutional as well as

retail investors. So there's also a lot of discussion around potentially more

stimulus measures coming from the federal government, you know, unclear exactly

what the outlook is there, but what are you hearing from

clients around that are they baking in an assumption they'll be more stimulus so first

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