J.P.Morgan North America Equity Research: U.S. FIRST TO MARKET

Research evidence excerpt

J.P.Morgan North America Equity Research: U.S. FIRST TO MARKET

North America Equity Research

U.S. First to Market 16 June 2026

Top Stories

Retail vs. AMZN (Christopher Horvers, CFA/Doug Anmuth/Bryan M. Smilek)

Episode 14: Retail vs. AMZN in an Agentic World; Deep Dives into the AMZN/WMT Battle

In our 14th annual Retail vs. AMZN deep dive, we have numerous observations. In addition, following this deep dive,

Team Retail continues to highlight WMT and W (both Analyst Focus List stocks with WMT added post-earnings) as buying

opportunities with COST’s share gains enabled in-store and online (with margin tailwinds!). For Team Internet, GOOGL &

AMZN should be the primary beneficiaries of agentic commerce, and they both remain Best Ideas and Analyst Focus List

stocks.

Large Cap Banks CCAR 2026 Preview (Vivek Juneja/Andrew J Dietrich)

Cat IV Banks SCB Reduction, Wells Changes Impact on SCB; Unusual Trading Result Reversal?

NBFI Treatment?

Stress test 2026 seems to have been forgotten given the volatility in the environment and that any changes from this year’s

stress test may be overridden by the 2027 stress test because of the SCB freeze by the Fed. The sizable drop in capital

requirements last year for several banks may also limit further decreases for some. However, there are four potential shifts in

2026 stress test results that could likely continue in the 2027 stress test: 1) decrease in stress capital buffer (SCB) (and the

capital requirements) for Category IV banks that did not undergo the stress test in 2025 under the favorable regulatory regime;

2) changes to Wells Fargo’s SCB due to rapid growth since the lift of the asset cap and shift in mix of revenues, assets, and