Goldman Sachs(US:GS) Zhi Tong Cai Jing·2025-12-19 12:56Group 1 - The U.S. stock market is expected to experience volatility on Friday due to quadruple witching, with over $7.1 trillion in nominal value of options contracts expiring, marking a historical record [1] - Goldman Sachs analysts indicate that Friday's options expiration could be the largest ever, with approximately $5 trillion in options linked to the S&P 500 and $880 billion linked to individual stocks [1] - The nominal exposure of the expiring options represents about 10.2% of the total market capitalization of the Russell 3000 index [1] Group 2 - Jeff Kilburg, CEO of KKM Financial, suggests that trading volume will likely exceed normal levels as options traders settle their gains and losses, with a key strike price of 6800 for the S&P 500 index [1] - Despite increased overall market volume and volatility, individual stocks with large open interest may experience a "pin" effect, potentially stabilizing prices [1] - Goldman Sachs highlights specific stocks, including GeneDx Holdings, BILL Holdings, Avis, and GameStop, which have a high ratio of expiring options to their average daily trading volume, making them more susceptible to the "pin" phenomenon [2]