Market Intelligence: US Morning Update

Research evidence excerpt

Market Intelligence: US Morning Update

Equity Research

25 June 2026 | 8:15AM EDT

Click “here” to listen to the US Morning Call. Chris Hussey

+1(212)902-7564 |

chris.hussey@gs.com

Stocks in Asia traded mostly higher Thursday, with Korea’s KOSPI now having Goldman Sachs & Co. LLC

regained almost all of its sharp sell-off from earlier in the week as investors were Sarah Herr

+1(212)357-0094 | sarah.herr@gs.com

encouraged by strong results from memory chip supplier MU overnight — a stock Goldman Sachs & Co. LLC

with direct read-across implications to Korea’s Tech-heavy market. Kshitij Garg

+1(212)934-7434 | kshitij.garg@gs.com

Goldman Sachs India SPL

European equities are also trading higher this morning as ‘risk-off’ switches to

‘risk-on’ as quickly as it switched the other way on Monday. On the data front,

consumer confidence edged up in Germany (GfK Consumer Climate) and the UK

(British Retail Consortium).

In rates, following Wednesday’s almost inexplicable sharp swoon in 10-year Treasury

yields, rates are holding steady overnight at 4.41%.

Turning to oil, front month Brent oil continues to edge lower — now $73/bbl — as

markets appear to have already shifted from pricing in shortages to pricing in

surpluses. Yulia Grigsby writes that investors are likely surprised by how quickly

Middle East supply is coming back online after the US-Iran war as she discusses in a

fresh “Oil Tracker: Gulf Flows Recover: Market Fast-Forwards to Future Surplus.”

MU results — remember me? MU’s earnings reinforce a still-constructive memory

and AI infrastructure cycle, writes Jim Schneider in “MU: Very strong quarter, with

detail on strategic customer agreements a significant positive.” The company

reported a very strong quarter, with guidance well above expectations, and added