HG & HY Weekly Register: Prime Day = Deal Week Across Retail

Research evidence excerpt

HG & HY Weekly Register: Prime Day = Deal Week Across Retail

J P M O R G A N North America Credit Research

26 June 2026

HG & HY Weekly Register

Prime Day = Deal Week Across Retail

North America Corporate Credit - Creditslightly outperformed equities on the week. As of Friday morning,

Consumer, Retailing, and Food &

the S&P declined -1.55% on the week as risk-on sentiment weakened amid Beverage

renewed geopolitical uncertainty in the Middle East and a rotation out of

Carla Casella, CFA AC higher-beta growth stocks. Escalating tensions involving the US and Iran

(1-212) 270-6798

pushed oil prices higher early in the week, raising concerns about inflation carla.casella@jpmorgan.com

and global growth, while subsequent reports of a tentative ceasfire/truce

Yaakov Musheyev

helped pare losses by easing fears of supply disruptions through the Strait of (1-212) 834 5865

Hormuz. Our global commodity strategist, Natasha Kaneva, now forecast yaakov.a.musheyev@jpmorgan.com

Brent averaging $86 in 3Q26 and $80 in 4Q26, exiting the year at $78, with Morgan Morrissey

the impact carrying well into 2027 and pushing next year’s price outlook (1-212) 834-2383

lower as well (full note here). Treasuries continued to tighten on the week, morgan.morrissey@jpmorgan.com

with the 5yr -10bps to 4.13% and the 10yr -9bps to 4.37%. Credit markets J.P. Morgan Securities LLC

were mixed on the week, with higher-quality slightly outperforming. The

JULI returned 0.3% with HG Retail outperforming, +0.40%, whereas HY Retail Underweight

JPHY gave up 0.06%, with HY Retail outperforming, +0.10%. By rating, AAP Neutral

As +0.%, BBBs +0.3%, while BBs unch, Bs -0.08%, and CCCs -0.29%.

ACI Underweight

BBWI Neutral (OW ’33s/’37s)

Over the past 2 weeks we largely finished Retail earnings season with MIK

GAP Neutral