Editor’s Opinion: Stock Market Shrugs

Stock Market Shrugs

All eyes have been on Switzerland this week as the World Economic Forum’s annual meeting convenes in Davos. The stock market largely shrugged off the Trump drama. In terms of S&P 500 trading volume, it seemed more concerned with Walmart’s earnings.

Elsewhere, Global Trading analysis has found that the SEC’s order protection rule is no longer serving its purpose – sign up to read this and more premium content, along with exclusive visualisations.

In US bank results, Goldman Sachs retained its lead in US banks equity trading results for Q4 2025, taking back the crown from Morgan Stanley after a Q3 dip. Citi has remained at the bottom of the pile, falling by 27% from Q3.

The results emphasise how banks are having to increase their risk and balance sheets to earn the same trading revenues, with growing dependence on outsized ‘alpha trades’. 

Nick Dunbar

Managing Editor

Global Trading

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