US MARKET INTELLIGENCE | AFTERNOON BRIEFING

Research evidence excerpt

US MARKET INTELLIGENCE | AFTERNOON BRIEFING

• US MACRO DATA TOMORROW: Personal Income, Personal Spending, PCE Price Index,

GDP (Revision), Initial/Continuing Jobless Claims, Durable/Cap Goods Orders, Chicago Fed Nat

Activity Index at 8:30am ET. Kansas City Fed Mfg Activity at 11am ET.

• US EARNINGS TOMORROW: DRI, FDXF, JEF, MKC, SNX

• GLOBAL MACRO DATA TOMORROW: (Japan) Machine Tool Orders (revision) at 2:00am

ET. (Germany) GfK Consumer Confidence at 2:00am ET. (France) Consumer Confidence at

2:45am ET. (Japan) Tokyo CPI at 7:30pm ET.

JPM MARKET INTEL EQUITY & MACRO NARRATIVE

A huge upside surprise versus buy-side expectations from MU’s earnings after the market close today.

Given Tuesday’s global weakness in memory and semis (DRAM and SOXX were down 12% and 8%

over the past two days), if the price action holds through the earnings call, this should be positive for

momentum as the earnings print cleared a near-term hurdle. See comments below from JPM TMT

Specialist Josh Meyers.

During the regular trading session, the bigger headline was the sharp decline in bond yields: 2-year and

10-year yields fell 6 bp and 10 bp, respectively. Falling oil prices since the 60-day MOU announcement

were the biggest driver, along with the absence of key macro data releases until the July 2 NFP and

July 14 CPI, which should provide a window for the bond market to react. Natasha lowered her Brent

outlook for 2H26 and 2027 amid lower-than-expected commercial inventory draws and weaker demand;

she now expects Brent to average $86 in 3Q26 and $80 in 4Q26, exiting 2026 at $78, and averaging

$64 in 2027.

• MU EARNING FIRST TAKE (JOSH MEYERS) – Huge beat of buyside expectations both on

revenue margins, leading to a 12% earnings beat of my buyside bars. The guide is for an eye-