Goldman says trucking spot rates may lift stocks into year-end

Goldman Sachs reported that trucking spot rates performed better than seasonal patterns in October, which may support trucking stocks through the end of the year.

The firm noted that spot trucking rates rose 7% month-over-month excluding fuel in October, compared to a historical seasonal decline of 5% for the same period.

Trucking stocks gained approximately 32% year-to-date through August, outpacing both the broader transportation sector, which returned about 21%, and the S&P 500, which rose around 12%. The stocks pulled back from mid-year highs after spot rates declined in August and September.

Goldman stated that the setup for year-over-year spot rates appears favorable, with rates expected to increase approximately 36% year-over-year in November and remain up over 20% year-over-year in December.

The firm said trucking stocks historically show strength that re-emerges in October and November. Spot trucking rates increased significantly above seasonal patterns during the first half of 2026, which contributed to the sector’s earlier outperformance.