[Goldman Sachs Warns of Severe Volatility in U.S. Stocks and Increased Hedging Risks] John Flood, a partner at Goldman Sachs, pointed out that NVIDIA's performance failed to deliver the anticipated 'risk-off' signal, instead prompting traders to take urgent hedging measures to avoid losses. On Thursday, during early trading, the S&P 500 index rose by 1.9%, but turned negative before 1 p.m. local time, marking the largest intraday swing since April. The market capitalization evaporated by over $2 trillion from its peak and fell below the 100-day moving average. The fear index VIX surged above 26. Flood stated in his report that the market is now focused on hedging 'crowded risks,' and investors have shifted to a profit-and-loss protection mode.