In Case You Missed It: Weekly Equity Market Commentary & Conviction Calls

Research evidence excerpt

In Case You Missed It: Weekly Equity Market Commentary & Conviction Calls

Equity Research

Equity PMG

22 May 2026

In Case You Missed It

Weekly Equity Market

Commentary & Conviction Calls

US Equities are on pace for another week of mixed

U.S. Equity Product Management

performance. While 1Q earnings have been strong, rising Group

Treasury Yields and higher oil prices continue to put pressure Terence Malone* + 1 212 526 7578

on investor sentiment. Looking to next week, Friday's Core terence.malone@barclays.com

PCE readout will likely garner the most attention on the BCI, US

economic front. Andrew+1 212 526Ferremi*8257

andrew.ferremi@barclays.com

BCI, US

Research Conviction Calls

North America Metals & Mining: A Sky Full of Stars; Initiating on the Metals and Mining

Sector (05/21/2026). Rich Garchitorena initiated coverage of the North America Metals and

Mining sector, encompassing 14 stocks across base metals, precious metals, steel, uranium, and

rare earths, with a Positive view. Unlike prior commodity investment cycles, which were largely

driven by “old economy” infrastructure build, with the advent of AI, robotics, and the continued

progression towards an "electrified" economy, he sees “new economy” markets driving

incremental growth through the end of the decade, with supply unlikely to keep pace. He is

constructive on copper, as he expects demand to outpace supply through the end of the decade,

driven by growth across new end markets and ongoing capex for AI infrastructure demand. He

expects US steel prices to continue to climb in 2026, supported by ongoing US protectionist

policies and stable domestic demand. Rich is also positive on gold prices and gold equities, as

he expects each of the key drivers of prices to remain supportive through the year. On Rare