Goldman Sachs on US Outperformance - FJElite

We think the recent outperformance of US equities versus global benchmarks has been an important source of support for the broad Dollar’s September gains. Greater exposure to tech/AI has been part of that outperformance, as has greater resilience to rising global yields, particularly in light of the hit to European risk assets from recent sovereign credit stress. US equities’ greater exposure to tech contributes to part of this positive read-through to the Dollar, but we think the broader outperformance in recent US growth and activity data is notable as well - our economists’ Current Activity Indicators (CAIs) have continued to show relative strength in the US in recent months.