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Most of the stock buying on U.S. regional banks comprised of hedge funds buying back stock that was borrowed for the purpose of short bets, or so-called short covering, Goldman said.

Goldman Sachs said in a note on Friday short covering in the so-called U.S. macro products, which include equity index and exchanged-traded funds, reached the largest amount seen since November 2020.

"Even with significant short covering in NVDA, it is the fourth most shorted stock in the U.S.," he noted.

He said that based on his interactions with market participants, most of the short covering came from high frequency trading hedge funds.

JPMorgan also said in a daily note to clients that communication services and information technology stocks had led the short covering in its books on Thursday.