Goldman Sachs Research sees Oil, the Fed and AI as the 3 themes driving the markets through year-end.

"Three themes-oil price relief, the Al theme and US growth optimism, and a hawkish Fed shift-have dominated the market narrative in recent weeks," GS notes.

"These three themes seem likely to remain the focus. We expect the purer macro forces-oil and the Fed-to resolve in a modestly benign direction and for macro assets to remain in narrower ranges as the conventional risks recede.

But views around the Al theme are likely to continue to shift and the risks there are in both directions, so we expect that to be the primary source of volatility for equity markets. The main macro risk is a further sustained rise in oil prices. Barring that, we think the shift from macro volatility to micro volatility will continue," GS adds.