Goldman Sachs Veteran Expresses Concerns Over Stock Market as BAE Systems Seals $5.6bn Aerospace Deal amidst Federal Reserve Warning

Goldman Sachs' managing director Scott Rubner warns that there has been a clear shift in sentiment in the stock market, stating that "this is no longer a buy-the-dip market." Rubner highlights several market indicators that have him worried, including the S&P 500 closing below the bank's short-term commodity trading advisor threshold and a surge in options with extremely short lifespans. He also notes a significant drop in top book liquidity for S&P 500 e-mini futures. Rubner believes that investors have shifted from buying the dip to selling the rally, and he anticipates a gloomy September due to seasonality and low risk tolerance.