Welcome to our exchanges of Goldman Sachs Markets update for Friday, September 18th.

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

watching in markets.

I'm Jake Stewart Globalhead of Corporate Communications here at the firm and joining us

today is one of our most frequent guests, a fan favorite Tony Pasquarello of our global markets

division. Tony welcome back to the program. Thanks Jay. Tony,

welcome back to the program.

Thanks, Jake, good to be with you.

After a big run-up in stock markets since March, September,

seen a lot of turbulence.

Give us some quick numbers to understand how some of the major stock market

indices have come off from the August highs. Sure and yes there's been some retracement in the

major equity indices in the first three weeks of September.

So for example, the NASDAQ's down around 6% from the end of August.

S&P's down about half of that.

And you've seen some pressure in some of the more popular stocks who have been

fan favorites with both the retail and the professional trading community so for example the

fang man cohort if you will, which is Facebook, Amazon, Netflix,

Google, Microsoft, Apple, and Invidia, that group of stocks is down the better part of 8%

since the end of August. That said, there's some pockets. of

the stock is down the better part of 8% since the end of August. That said, there's some pockets of strength in the month for sure.

So for example, in the non-dollar markets,

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